OfflineConsider the situation from this point of view. If you were the borrower and were losing the house, your equity, and your credit rating, would you be anxious to keep watering the lawn or to clean up when you left. Most borrowers who lose their property through foreclosure not only do not clean up but they often actually go out of their way to mess up the property. Their reaction naturally enough, is anger, and since they really can’t take it out on anyone personally, they typically take it out on the property. When you get to the REO it may still be in the terrible shape in which the lender got it back. Or it may be fixed up.
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I seen a good number of REO's through my agent and yes they are almost always distressed. The problem is that investors with really good connections usually get to them first. There's deals for us also but we take the leftovers unless you can infaltrate the banks and get them before they list them. Banks are not going to let you assign and will accept very few contingencies which is the other problem. That being said, go out there and get you an REO!
MARTIN
FAILURE IS NOT AN OPTION!
I WILL NOT BE POOR ANYMORE!