Each lender/bank works or process transactions a little differently, although they have similar goals – to sell REO properties at the best price possible. Generally, banks and similar financial institutions have a department designed to manage and control their REO property inventory.
Once a purchase offer is made, a counter-offer is generally presented by banks. The REO property may be sold at a higher price; however, they have to demonstrate to shareholders, investors, and auditors that they have tried to sell the property at the highest price possible, and as the buyer, you have to make a careful plan on how you could counter their counter-offer. Your counter-offer or offer will then be reviewed and approved by different companies and individuals.
