Some DFW REO Lenders Won't Sell Their Bank Repo to You

Many DFW homebuyers are chasing after bank repos and foreclosures and are discovering that some REO often referred to as REO’s (Real Estate Owned) lenders will not sell a bank repo home to them.  These banks can name their own terms and conditions under which they will sell their bank owned homes, and if they don't fit those qualifications, they are out of luck. Don’t these banks want and need to get to get rid of these DFW foreclosure homes?  Yes, but it isn’t so straight forward.  

Banks Don't Want Buyers Submitting Multiple Offers 

Banks have learned that not every DFW foreclosure buyer is fully committed to actually following through with the purchase of these homes. Some buyers make multiple offers with no intention, or ability, to buy all of them. They want to choose the best deal they can get, let the other ones go, and in doing so they could find themselves in court for writing these types of bogus offers. The problem arises when the buyer does not have the financial means to purchase more than one or all the properties they have contractually agreed to purchase. Many state laws might hold the buyer liable for breach of contract upon cancellation because the buyer may have breached an implied contract covenant of good faith.  Banks want the buyer to be committed to the purchase and follow through on closing. If the bank has reason to believe the buyer is not serious or have the means, the bank will reject their offer to purchase. There are other reasons banks may not sell their bank repos to you. 

Reasons a Bank Might Not Sell That Bank Repo to You 

Some Bank-Owned Homes Do Not Qualify for Conventional Financing.  

FHA Appraisal Conditions.  Banks Prefer Cash Buyers for Bank Repos.  

Why REO Lenders Like All Cash Buyers to Purchase Bank Repos No Appraisal Contingency.  

No Loan Funding Contingency. Faster Closing.

As you can see these REO/Foreclosure Lenders are under no obligation to sell their REO properties or even .  With these types of transactions, it is imperative that you use a to protect you and to ensure a smooth closing with your .  Trying to navigate through all of this yourself could cost you in the end.