Cash Flow Guys Podcast

Banks are not your friend, REO | Bank Owned Foreclosure Pitfalls   Asset managers are overzealous:   Often make unfair or illegal demands:  Asset managers know that we are in a sellers market and take full advantage of that by applying scarcity mentality tactics.  In many cases, if a buyer does not comply or agree to whatever the REO manager asks the bank will simply cancel the purchase contract.  When this happens the buyer is simply out the cost of an inspection and appraisal if applicable, not to mention their time.   Force you to sign contracts not in your favor:  Many of the bank’s contracts and addenda are written in total favor of them, offering the buyer little to no protection, recourse or rights.  As a buyer of REO properties, be sure to fully review all paperwork provided by the banks.   Use high pressure tactics to get you locked up under contract:  The banks know it is difficult for the average person to simply “walk away” from their earnest money deposits and/or monies paid for home inspect