Was wondering if anyone could tell me if its possible to get a mortgage on a REO property.

Thanks for the help!

Yes you can give a mortgage for a REO and get a loan to buy it just like any other property, subject to you qualifying of course. The type of loan you get may depend on the condition of the property. For example an FHA or VA loan will be very difficult on a damaged property, as they have may have a lot of required repairs, and the banks don't like taking care of repairs. They like as-is/where-is.

P.S. Did anyone notice my correction?

Yes...you give a mortgage to the bank...not vice versa.

What do you mean you give a mortgage to the bank I mean i want to purchase a REO but i want to get a mortgage on it

You give the bank a mortgage (piece of paper)
The bank gives you a loan ($ money $)

When you receive money from and give a mortgage to the bank you are the mortgagor. The bank is the mortgagee.

When the bank lends you money they are the lender, when you receive the money you are the lendee.

Givers end in "O" "R" or "E" "R"
Receivers end in "E" "E".

So it is incorrect when people use the phrase "I'm going to Wells Fargo to get a mortgage to buy a new house..."

You should say "I am going to Wells Fargo to get a home loan to buy a house"

Most people don't understand this, so if you said "I'm going to Wells Fargo to give them a mortgage in exchange for a loan to buy a new house" people would be confused.

If you don't believe me, go grab your closing documents from your house you own, assuming you own one, and used a Purchase Money Mortgage to purchase the house. Find the piece of paper that has "Mortgage" printed at the top, and it clearly says you are giving this to them (the Lender).

I understood what you were asking, but technically speaking, you phrased it incorrectly.

But in answer to your question, yes, you can generally get a normal "home loan" when purchasing a REO property depending on the condition of the property and your credit/income/assets.

By no means what-so-ever was this intended as indorsement for Wells Fargo, or to make fun of anyone, just one of those things I correct people on all the time just to annoy them.

I am glad you did that because even though its confusing, its one of those things that you overlook. Thanks ! I appreciate it!