How do you buy a bank owned property in Las Vegas, Nevada? While this question may seem strange to some that read this, the more I deal with the REO managers and Asset Managers the more I have to ask this question. How do you buy a bank owned property?
I'm not sure if this is a local problem in Las Vegas, Nevada or other areas of the country are experiencing the same problem, a lack of communications from the banks or REO Managers on some of the simplest tasks at hand.
A Friend of mine showed me a short animation that addresses the subject "How to buy a Bank Owned Property". This video while funny is really a sad commentary. Someone made this video out of frustration and is based on true facts no matter how absurd they may seem!
A statistic from the third quarter of this year showed that 1 out of 22 homes in Las Vegas, Nevada are in some stage of the foreclosure process. This number is staggering when you consider that we have less then 2100 Bank owned Properties listed. Show me the Bank Owned Properties!
Why are clients that are qualified for a FHA or VA loans, offers on bank owned properties being rejected for conventional or cash when the offers are the same contract price? Why are the banks trying to make clients agree to pay for a house that does not appraise for the purchase price to come out of pocket for the difference?
Why does a Bank Owned Property Asset Manager delay signing the final HUD 1 for 15 days beyond the agreed Close of Escrow date to then demand the Per Diem, a delay that they created? Why does the Bank require the due diligence to be 5 days when they do not even have the utilities on for inspection to take place until 12 days later? Why does a Bank Owned Property take two weeks to sign a acceptance agreement?
To get the answers to these questions please view this short animation on "How to Buy a Bank Owned Property".