REO/Bank Owned Properties

[Angie Vance]

I am new to the real estate investing world and found a realtor that was excited to meet with my partner and I. I gave him a list of properties to view and they were all REO/bank owned. He told me after we viewed all of these properties that the banks will sit on the house until they get the asking price.

He also said that Fannie Mae Home Path homes were previous reverse mortgage loans and the bank will not accept a lower offer. That doesn't sound accurate to me. I thought with a home path home, the financing allows you to get funds at closing to repair the home that makes it uninhabitable.