REO Transfer Value?

**brianjefferies** · 10-12-2008, 04:02 AM

I am interested in purchasing a house that was listed as an REO.

Below are the specifics.
Transfer Date: 04/1/2008
Transfer Value: $29,539

Estimated Market Value $176,000
Estimated Market Range $167,000 - $206,000

The question we had does this mean that I can purchase this property from the Bank/Lender for the transfer value of $29,539 ?

Any response would be greatly appreciated.

Thank you

**jennettecj** · 10-12-2008, 02:35 PM

It's unlikely that the bank will sell the property for the transfer value. It is my understanding that they will be looking to sell the property for within 10% of the fair market value. There are occasions when they sell lower, but that would not be the norm on a single property purchase.

**Mike Taylor** · 10-13-2008, 03:50 AM

Originally Posted by brianjefferies

The question we had does this mean that I can purchase this property from the Bank/Lender for the transfer value of $29,539 ?

I highly highly doubt it. The bank is going to try and get as much as possible for the house. They will try to get as much as the market will bear considering the condition of the property. My guess is that you are not going to get a $200,000 for $20,000, that just does not happen except on late night infomercials.

**jamesww** · 10-13-2008, 05:27 PM

Originally Posted by Mike Taylor

I highly highly doubt it. The bank is going to try and get as much as possible for the house. They will try to get as much as the market will bear considering the condition of the property. My guess is that you are not going to get a $200,000 for $20,000, that just does not happen except on late night infomercials.

Well said Mike! You might in the slowest time of the year pick up a property at 100k that has a market value of 167k but not 20k.