I’ve sold a ton of REOs (Real Estate Owned homes – foreclosures) to first-time homebuyers – many of whom I’ve met through HomeGain.com. Before we start looking at homes, I take time to meet with them and explain the entire process in as much detail as necessary. I hate surprises, and I’ve discovered buyers don’t like them either. I want my clients to fully understand the process so they know what to expect once we hit the streets.
In the process, I’ve discovered a sad truth. No amount of discussion or explanation ahead of time can adequately prepare prospective buyers for the process of trying to buy an REO in the current market.
I recently came across a video that so perfectly sums up the process of buying an REO – I decided I have to share it with you. As I watched it for the first time, I discovered I was unsure how to respond … should I laugh … or cry …
You decide.
For additional musings on REOs, also read:
- Top 10 Things I HATE About REOs: AND 3 Startling Consequences
- How To Buy An REO – Top 17 Questions Answered
- Bank Tactics Causing Repeat Of Crash Conditions in San Francisco Bay Area
Thanks to San Diego Castle Realty and Kris Berg for producing the video!
I saw this on Activerain a few months ago – pretty funny and accurate as to what is going on.
October 27th, 2009 at 5:17 am
Tampa’s REO’s typically are not in condition for FHA financiang, and retail sales. However, for years we have had success selling REO’s to investors. The prices are well below market value, and there is room for an investor to make a reasonable profit and sell the house at a fair retail price to the end buyer!
October 8th, 2010 at 8:30 pm