Bank Owned/REO Homes- No Tales that Wag Here

Bank Owned Homes- No Tales that Wag Here


No I am keeping the cute puppy Peanut out of this one because it is the tales that are true that need to be shared.  It was my blue day on

Bank Owned /Reo Homes Tales

No Dog Tails Here

Narragansett Bay that started this share a bit ago for my first time home buyer.  Yes, it was a Bank owned/REO home that was cute as a button, needed some minor cosmetic work over time we thought.  Right on a lake in fact you can paddle out from your backyard – the buyer was hooked. New windows, siding, roof…good square footage at an incredible price.  A sweet location in RI real estate!


That is when the tale of woe started…inspections to be done in May but when the plumber turned the heat on pipes burst in a number of places because the past Fannie Mae vendor didn’t winterize the home right.  Then it was the water line to the house that had an issue.


Talk about a process the listing agent goes through to get something fixed.  A nightmare I would say.  From

Bank Owned- REO Homes for sale

Time it Takes for a REO Home!

estimates from a number of Fannie Mae plumbers, to bid submission based on dollar value of fixes…  Guess what the vendors are not on your timetable…nope they work on the governments timeline.  It has taken more than 4 months to get to inspections to be actually be scheduled!


The listing agent went to bat for for the buyer, escalated it to various Fannie Mae channels a number of times but it is the governments timeline…remember this when you need a faster timeline to close on a REOhome.  I talked everyday to the listing office in the past two months and I have a new respect for their Bank owned listing job.


Although responsive from the Bank end, their vendor program is just not working well in my area at all.  They need to make changes in order to get these REO homes closed and get this inventory off their books (our tax payer books?).


We will see how it goes Tuesday…think of my buyer please… we hopefully make it through the inspection process without more tails that wag!

Bank Owned/REO Homes- No Tales that Wag Here.


Ginny Lacey Gorman is your go to North Kingstown Real Estate agent for homes in North Kingstown RI and beyond…knowing the geographic area, schools, happenings,important tidbits of information and businesses well.

As North Kingstown short sale agents, if you are having trouble paying your mortgage contact Ginny to help you through the short sale process successfully.

   Waterfront, oceanfront, luxury and coastal RI real estate are her specialty but all of RI is her backyard.  When you are in need of a good professional for your buying and selling needs and an internet savvy marketer who sells RI houses in this real estate market – call Ginny at 401.529.7849.