Can REOs Be Purchased At Low Price From Banks

[Donyelle Keith]

Can you purchase an REO at a discounted price from a bank or mortgage lender? I thought that the transfer amount was the sale price originally but learned otherwise. How would you go about buying these properties at the low, if possible?

[Bob Reinhard]

REOs generally have a broker assigned to them. The broker needs to provide a BPO to the bank, with photos documenting the price that the broker provided.  If you offer is low, yet reasonable, this could take many trips to the well. Regardless, without the broker, limited success.

Bob