Negotiating With A Lender On Reo

Negotiating With A Lender On REO

Negotiating With A Lender On REO

When it comes to Tucson foreclosures, we have experience on the market that many others do not. What if you are interested in a property that is REO (real estate owned), meaning it is owned by lender after they tried to unsuccessfully sell it at a foreclosure auction. What if the property is not part of the Tucson foreclosures? This means the lending institution has not officially foreclosed on the property yet. In that situation, negotiating with the dealer would be the next step to make.

The steps to go through

When these properties end up in 'Tucson foreclosures purgatory' but you are still interested, the first step would be to look at the public records and see which financial institution issued a Notice of Intent to Foreclose on the property. Once you find out whom you should contact, you can take the following steps:

Step one Contact the homeowner, see if they are interested in selling you the property

Step two If they are interested, negotiate a sales price. If the amount that you were to agree on is larger than the interest and penalties from the bank, back payments, and their loan balance combined, you are able to go ahead and buy the property as a standard transaction. If this is not the case, you should move to step 3.

Step three The seller needs to contact the bank in order to discuss whether a short sale is possible. Depending on who is going to discuss the short sale with the lending institution, they perhaps may or may not need to be given permission to talk to the lending institution on behalf of the seller.

Step four After an offer for short sale is made, the bank is going to review the offer. They are going have a BPO (Broker's Price Opinion) on the property in question and return to you with a counter offer, denial, or approval of the request for short sale.

by: Tucson Real Estate

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