Henrico Bank REO Makes a Win-Win Deal

A local bank, in the midst of a bank merger, was motivated to sell this house near the fairgrounds in Henrico County. The bank wanted a fast, no hassle closing in a week and offered meaningful price concessions to sweeten the deal. Although the house was only 5 years old, it exhibited some drainage problems and yard flooding which complicated a quick sale.

An investor made an "all cash, as-is" offer which was accepted by the bank after some brisk but friendly negotiations. The investor closed the same day the bank presented the deed. The investor came to the closing table with cash.

Four hungry workers were turned loose with a punch list and the house was back on the market in 9 days! Repairs included inside and out painting, yard work to correct the drainage problem, new driveway, new carpet, sheet rock repairs, privacy fence and basic landscaping package.

The investor took a risk regarding the drainage situation and the wet yard but the rewards are now helping keep his bank account high and dry. He’s now setting sail for the next deal.