Tips On Purchasing REO Properties - REO properties are those homes that have been repossessed by the banks or lenders after these properties were not sold in the foreclosure auction. This type of properties may be found in the listings of realtors, such as in the Multiple Listings Service (MLS) that is found on their websites. |
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REO properties are those homes that have been repossessed by the banks or lenders after these properties were not sold in the foreclosure auction. This type of properties may be found in the listings of realtors, such as in the Multiple Listings Service (MLS) that is found on their websites.
Author: Michael Bartonolis
Date: Dec 10, 2009 - 7:55:43 PM
REO properties are those homes that have been repossessed by the banks or lenders after these properties were not sold in the foreclosure auction. This type of properties may be found in the listings of realtors, such as in the Multiple Listings Service (MLS) that is found on their websites. You can also contact the banks and inquire about their REO properties or you can drive around a certain neighborhood to look for these homes.
However, home buyers and investors need to be warned that REO properties are often sold on an "as is" basis and you may find that some are in a bad state of repair. You cannot expect the banks or lenders to take care of the needed repairs because they are already selling these homes at greatly reduced prices. A number of the former owners of these properties were either frustrated or angry so that they either have neglected the maintenance of these homes or may even have caused some of the damage themselves. You will need to make a fairly accurate estimate of the repairs that you need to do before you can resell the property, so you either have to inspect the property yourself or get the services of a professional home inspector. Because of these, it may take some time to look for the specific property to buy.
When transacting with the lender or bank for REO properties, it has now become advisable to complete the deal rapidly because there are many people already in search for foreclosed properties. You may also expect that the banks are no longer that easy to convince to lower their asking prices because of the drastically increased demand for these kinds of homes. Moreover, most banks and lenders now require that buyers present pre-qualified letters from their lenders.
Nevertheless, there is no need to be disheartened if you are unable to successfully complete a deal. You seemly allow several weeks to pass and then determine if the home is still for sale. If so, you may try to make an offer again because the situation might have changed for the bank and they may be more willing to consider your bid price. Do not forget that there are still a large number of REO properties available in the market and you may not even have to concentrate of these kinds of homes because there are also those that have not yet been repossessed and can be purchased via a short sale. It may be prudent to find a number of properties that fit your requirements so that you have more choices available to you.
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