Expert: Lori Frankfort - 6/10/2008

Question
I guess I am confused, actually, no guessing about it!  If a home is posted as for
sale by a realtor AND it is REO, what IS the listed price.  Is that what the Owner
wants for the home or is it a starting point or?????

Answer
After a home becomes REO the bank hires a Realtor to sell it.  The price is set at "market value" but because banks are desperate to sell they will usually accept much less.  If you hire a Realtor to represent you, your Realtor will be able to find out how much money the bank has into it, and that gives a good idea of what they'll accept.

If you're in the L.A. area and need help please let me know!  :)

Best,
Lori Frankfort
Broker Associate
Keller Williams Realty