We assist buyers with purchasing properties that are REO or owned by the bank following a foreclosure sale. The process for purchasing bank owned properties can be different than traditional properties as the banks require the use of specialized software, have required forms, and otherwise are more rigid than other sellers. Moreover, REO properties are almost always “as-is” and may have restrictions about when investors can make offers versus traditional buyers.
Frequently Asked Questions
Sure. Of course they can. Just like how any doctor can write a prescription. That being said, you wouldn’t want a foot doctor writing the prescription for your heart medicine and the skills required for being a great buyer’s agent do not necessarily translate to assisting clients who purchase REO properties.
Our founder, Rick Davis, is an attorney who started his career representing banks and mortgage servicing companies. Rick has connects at almost every major bank and mortgage servicing company and understands how mortgage lenders “think” after working on-site in the legal department of two major mortgage servicers. Moreover, our firm focuses on working with real estate investors. These unique experiences have given us the knowledge and skills to make sure your REO purchase goes through quickly and smoothly each and every time.
Similar to when purchasing a traditional property, the seller pays the commission for both the seller’s and buyer’s agents. As such, it costs the buyer nothing to hire an agent. Moreover, unlike some traditional sales, there is no possibility of getting the lender to take a lower price because there is no seller’s commission. Instead, that commission is just going to the listing agent for the lender. Therefore, the commission is being paid one way or another and it is better to have that money go to paying for someone that’s on your side in the transaction.
* Please note that these services are currently only available in the greater Kansas city area. Most of our other services are available throughout Kansas and Missouri and we are looking to example our listing services into new markets in the future.