330-416-1808 mobile
Sandy Robertson is a licensed real estate professional serving Medina, Summit, and Cuyahoga Counties, Ohio. She is an Accredited Buyers Agent with the Lori Schwarz Real Estate Team
I couldn't disagree more. As a buyer representative, my clients do NOT regard REOs in the same manner as other homes on the market. Quite the opposite. There are pools of people like investors or small-time home rehabbers who are in the market for bank-owned homes they can buy cheap. But there is a pool of buyers who want to move into a habitable home, which most REOs are not. These houses are in terrible condition, need repairs the bank will not pay for, and would never pass an FHA inspection. Since most mortgages these days are FHA, how can you possibly include REOs as comps? REOs and non-REO properties are two different species, and the key word is supposed to be "comparable".
