OfflineIt has been estimated that something approaching two-thirds of all REOs are distressed initially and that some of these are simply hopeless. If your’re looking at distressed properties, it’s important to determine which have possibilities and which are of the hopeless cast. The last thing you want to do is to relieve a lender of a hopeless problem and make it yours.
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Thanks for the insight and information. With most REOs the power can be off and it may be hard to see all the issues. In the midwest, the pipes get winterized, but you always seem to have broken pipes. If the hoem has hot water radiator style heat, this is an issue all in itself. Thanks for the tips and exercising your due diligence by checking these items can save you in the long run. Believe and Achieve!
- Joe
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