Article provide by Barry K. Rothman Bank real estate owned (REOs) are sold to buyers in as-is condition. The property is a prior foreclosure. Perhaps the previous owner no longer cared to maintain the property. This fact alone can require the new owner to add significant capital to the cost basis price. Most bank owners don’t want to make repairs or even lower their asking price to compensate for the buyer’s added costs. Although it’s important to negotiate when possible, most buyers of REOs understand they’re going to perform repairs in addition to the purchase price. Transaction Closing The time needed to close the REO property can take at least…