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Good insight here guys
FWIW
I'm in this industry and have been doing quit a bit of these REO deals including possibly picking up a few for myself.
For a Bank to say they are going to invest their own money to fix up the place is extremely rare.
As in I've never ever heard of that one before.
Most likely the REO asset manager is posturing or playing games...
I've found many of these Asset managers to be a PIA
But thats part of the process,
I've told my clients;
Think of it this way:
their time they are spending in the REO buying process, the back and forth or lack of, the posturing of the REO asset manager etc. will be rewarded if they buy at 35% BELOW market.
It can be a game of chess, and you have to be unemotional & willing to walk away if you are feeling like the process isn't being treated with professionalism.
REO buying is nothing compared to a short sale, now that's a real PIA process
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Former Test driver & Production Manager Singer Vehicle Design
2009 Cayenne GTS, '81 911SC RoW Targa (lot's of goodies), '86 535csi, '84 633 csi (turbo charged-sold)  , '68 912 Targa (sold)  , '69 911E (sold)
"Dream it, Believe it, Decide it, DO it "
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