REOs thats been on the market for over a year!

[Renel St. Fleur]

I was curious about this. If an REO property has been on the market for over a year, then I am going to assume that the banks are very motivated to get rid of this property.

My question is, would they still want and EMD on the property even though its been listed for 300+ days, or would they let me purchase it without the EMD. I know someone that has made an offer on million dollar REO property and he didnt put a single dollar in as a deposit. What other things can I use? Can I guarantee that I want to close within 2 weeks? Can I also consider paying all closing costs even the seller's closing cost, since I plan using transactional funding for my deals.

Has anyone tried this?

[Mark Brian]

Originally posted by Renel St. Fleur:

All Im saying is that even the properties been on the market for a long time, the listing agent might make it hard to get it done.

If the property has been on the market a long time, the agent wants it gone. REO AM/banks grade the performance of their listing agents based on DOM & sold price versus List price and other factors. But the decision is not theirs, it is the banks/AM.

The listing agent is not the one holding out for more money. The yes/no decision is not theirs to make and if the agent draggs out the disposition of the REO, it could hurt their relationship with the bank/AM.

So if it has been on the market awhile, the agent should be eager to get rid of it.