Quote:
Originally Posted by John510
You can NOT buy a REO with a conventional loan. Cash Only
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That's not true, I've sold a butt load of REO's over the past 5 years. You can even buy at the auctions with financing now. CASH is always king. BUT, the net to the bank in a short sale/reo is normally their primary concern. As long as the property is financable. Short sales are strickly a net game. They could care less if it's cash or financed. It's a debt negotiation and it's all about the bottom line to the lien holder's.
The deals almost always go cash and the lower end market can be investor heavy. I agree with that.