There`s a common misconception among consumers who want to buy real estate from a bank. Does this provide them with the best deal? Maybe yes, but maybe no. Let`s take a look at the reality of the situation.
The common logic is that since the owner`s equity has been washed out by the bank`s takeover of the property, the bank owned property must be a good deal. Real estate professionals immediately recognize this is not necessarily true. There are many times when the property is still worth less than the amount of money that`s owed to the bank " making the bank`s price the wrong price.
Is Buying an REO from the Bank the Best Deal??
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