REOs not for the faint of heart

[Paul W.]

Sorry, a little off topic, but I just need to vent on this one.

I've been watching this home for months. Owners abandoned it last summer, went to the Sheriff's sale a month ago, lender trying to shorten the redemption period due to abandonment, bank is close to moving forward with getting the house ready for sale.

I want this house, not just as an investment, but for me and my family to own and occupy. Been keeping an eye on it, trying to track down asset managers, get a jump on the process before the reo sale. Yesterday, I stop by the property and witness the damage. Someone broke into the house turned on the water and proceeded to flood and destroy the home. :cry:

Can I just ask WTF is wrong with people? I'll never understand what's inside a person that could allow them to do this.

So now I must move on. Way too much time, energy and thought poured into this home. I've learned a valuable lesson, don't fall in love with an reo.

Any thoughts on what the bank will do to fix this home before they try to sell it. Do banks typically want to fix health hazard type stuff (mold,etc) before selling? Are banks willing to drop a bunch of money on a house to make it right and safe?

pmw

[Jon Holdman]

You want to buy a REO? Look at 100, make 20 offers and buy the one that gets accepted.

You want to buy a SPECIFIC REO? Forget about it. As you've found, this is the path to heartbreak.

The bank will do nothing to this house. They will turn off the water, and will probably get someone to pump the water out, if the basement is flooded. Beyond that, its going to sell as-is. I've seen REOs that clearly had a foot of water in the basement. Ones with graffiti throughout the house. Ones with missing exterior walls. Its just the nature of this business.

Look at 100, make 20 offers, buy one.