Haggling Honolulu REO Properties
July 18th, 2008 categories: Honolulu Real Estate 101, Rants & Riffs
Blogtherockies.com had a recent post that does a terrific job outlining many issues that may make your REO purchasing process easier. They say…
“Make sure if you are buying a bank owned home you are working with a Realtor who has experience selling bank owned properties. I would recommend having a buyer’s agent represent you. A buyer’s agent will help you through the process of purchasing a home manage the sales process for you and help you avoid problems.”
CLICK TO READ THE ENTIRE POST
To me, the best advice is that a REO might not be the best buy! REO’s are just another source to consider, let your conscience and the market determine whether or not a property is a good buy.
From my experience, buying an REO comes at a ‘price’ . Price being the extra ‘leg work’ that is required and the additional closing costs. In the end, it may not be the ’steal of a deal’ that you originally thought. What’s well disguised in these types of transactions is your time.
What is your time worth? Think about it, you can hire a Realtor and avoid the steep learning curve, not have to jump through ‘unchartered waters’, giving you more time to do other things. Being a 18 year Real Estate Investor, I wouldn’t do it any other way.