What is an REO property?
An REO property is “Real Estate Owned” by the bank or other lender. Typically, an REO property has already been foreclosed upon and gone to auction without having been successfully bid on. The property is then owned by the bank and is marketed through traditional methods. Throughout the bay areas, there are a significant number of REO homes currently on the market. This has recently represented as much as 40% of the total inventory of single family homes. If you are in the market for a home, there is a good chance you will be looking at REO property.
What are the benefits of purchasing REO property?
There are several benefits in purchasing an REO property when compared to foreclosures, short sale property or a traditional purchase from the current owner;
Are there issues in buying REO Property?
As with any purchase, there are many issues to consider;
Working with a Licensed Experience Real Estate agent is critical when evaluating an REO property to purchase. You want to work with an agent who knows the local market, understands REO transactions and is familiar with presenting and negotiating an offer to a bank on a REO property. We are familiar with what banks are looking for, how they work and the best way to negotiate.
Please contact us that can negotiate a great price on the home of your choice. Your Satisfaction is Our Success