skrealestate8 0 Report post Posted March 16, 2011 Hi everyone:With so many REOs on the market and more to come, is it possible to approach banks with the possibility of working out LOs?I am new at LOs and was curious if anyone has thought of, or knows if this can be done. Most REOs are not in move in condition though, but still might be an option for some. SC Share this post Link to post Share on other sites
MichaelC 160 Report post Posted March 16, 2011 It won't fly, SC. Banks are not in the property management business. The properties they take back are losses, and they need to cut those losses. Meaning, sell the properties, and to cash buyers preferably. Share this post Link to post Share on other sites
levmills 0 Report post Posted March 17, 2011 It won't fly, SC. Banks are not in the property management business. The properties they take back are losses, and they need to cut those losses. Meaning, sell the properties, and to cash buyers preferably. Hey MC.. Banks may be changing their minds... just a tad. I have actually seen homes listed as a short sale and a lease purchase in the MLS. When I spoke to the listing agent, they said that the lease purchase terms were pending bank approval. Now, I've never done one, but I think there are some possibilities. The best thing is to search for properties listed under both categories (as they are here in GA). Bank REOs as lease purchase are out of the question, no way. Asset mgrs will not do a lease purchase on an REO. hope this helps. Share this post Link to post Share on other sites
MichaelC 160 Report post Posted March 17, 2011 I have to tell you, Lev, but that's a new one by me. If true, I would love to hear how such a deal played out. Can't imagine it was anything but a straight lease purchase with the bank not allowing any sort of assignment or resale by the tenant/buyer. Share this post Link to post Share on other sites
levmills 0 Report post Posted March 17, 2011 I have to tell you, Lev, but that's a new one by me. If true, I would love to hear how such a deal played out. Can't imagine it was anything but a straight lease purchase with the bank not allowing any sort of assignment or resale by the tenant/buyer. I will play with it and see what I find. There may be some listing agents that may have completed one that can give me the 411. Share this post Link to post Share on other sites
skrealestate8 0 Report post Posted March 17, 2011 I have to tell you, Lev, but that's a new one by me. If true, I would love to hear how such a deal played out. Can't imagine it was anything but a straight lease purchase with the bank not allowing any sort of assignment or resale by the tenant/buyer. I will play with it and see what I find. There may be some listing agents that may have completed one that can give me the 411. THANK YOU! MichaelC and Lev(GA) for your feedback. PLEASE keep us posted with your findings Lev. Share this post Link to post Share on other sites
Jonathan RexfordFL 8 Report post Posted March 19, 2011 About 10 years ago I was marketing a subdivision pretty hard. I noticed several homes were with First Union. I did some research on several of them and low and behold they had Agreement for Deed buyers in the property. Looking at the timeline it was part of the S/L fallout in the early 90's. So that part may come back. Share this post Link to post Share on other sites
