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REO Properties

December 28, 2011

REO Property

Simon Volkov

REO property refers to real estate owned by banks. It can consist of residential homes, commercial real estate, or undeveloped land. Buyers' present purchase offers through real estate agents just as with any other type of transaction. The only difference is banks own the property instead of a private owner.

REO property can be a good choice for everyone from first time home buyers to seasoned real estate investors. These properties are typically priced below market value and sold with a clear title. All are sold 'as is' and the majority is in need of some degree of repair.

There are a few differences between buying bank foreclosures vs properties listed by private sellers. Bank owned homes are usually in worse condition, but not always. Many have sat vacant for long periods of time, leaving them musty, dirty, and in need of a lot of TLC. Some have been vandalized or used as refuge by squatters.

Real Estate Investing article on "REO Property "

August 09, 2010

Real Estate Buying Bank Owned

Simon Volkov

Real estate buying bank owned refers to purchasing properties that have been repossessed by mortgage lenders. Bank owned properties consist of foreclosure real estate that did not sell through public auctions or were held by lenders until market conditions improved and could be sold at a higher price.

Real estate buying bank owned has become a popular strategy amongst real estate investors, home buyers, and business owners looking for cheap commercial properties. Bank owned foreclosures are often priced upwards of 20- to 30-percent below appraised value. Properties are sold directly through each bank's loss mitigation division or their assigned realtors

Real Estate Investing article on "Real Estate Buying Bank Owned "

May 06, 2010

Buying Bank Owned Real Estate

Simon Volkov

As with any realty investment, buying bank owned properties should be carefully scrutinized. While it is true bank owned homes are priced below market value, they may not be as good of a deal as buyers anticipate.

Buying bank owned real estate is no different than buying properties listed through any independent real estate agent. The primary difference is banks hold the property title and negotiations are held with the servicing lender's loss mitigation department.

Real Estate Investing article on "Buying Bank Owned Real Estate"

April 22, 2010 | Comments: 1

Bank of America Real Estate Buying Bank Owned

Simon Volkov

Bank of America Real Estate buying bank owned offers home buyers and real estate investors the opportunity to buy houses at reduced prices. While many people are concerned about buying distressed properties, bank owned real estate is relatively risk-free compared to bidding on properties through foreclosure auctions.

The Bank of America Real estate buying bank owned foreclosure list is comprised of both residential and commercial properties, as well as vacant land. Residential foreclosure homes include single family residences, condominiums, townhomes, mobile homes and multi-family dwellings.

Real Estate Investing article on "Bank of America Real Estate Buying Bank Owned"

March 29, 2010 | Comments: 5

What Does REO Mean

Simon Volkov

A common question I am asked is what does REO mean? REO stands for real estate owned and refers to foreclosure property which has been returned to the bank. Banks hold the title, manage the property and are responsible for selling it. Bank owned homes are sold directly through each lender's loss mitigation department or a designated real estate agent.

Many people wonder what does REO mean in terms of buying properties at reduced prices? While it is true most real estate owned properties are sold below market value, buyers must take in to account repair costs required to return properties to livable condition. Some homes are in near perfect condition, while others are in complete disarray and require an entire renovation.

Real Estate Investing article on "What Does REO Mean"

March 26, 2010 | Comments: 2

Countrywide Foreclosure List

Simon Volkov

The Countrywide foreclosure list is an indispensable tool for real estate investors. On any given day, investors can locate over 15,000 foreclosures, bank owned, and cheap homes for sale located across the nation. Most properties are priced well below market value and sold in "as is" condition.

Countrywide foreclosure list properties are part of HUDs Neighborhood Stabilization Program. NSP allows qualified borrowers to obtain grant money to purchase bank owned homes in an effort to stabilize communities hit hard by foreclosure. Recipients of NSP funds have access to properties under Bank of America's "First Look" Purchase Program.

Real Estate Investing article on "Countrywide Foreclosure List"

August 14, 2009

Bank Owned

Simon Volkov

Bank owned refers to real estate that has been repossessed by the bank because the borrower was unable to maintain their mortgage payments. Bank owned real estate is oftentimes referred to as real estate owned or REO properties.

Bank owned real estate is foreclosure property which did not sell at auction. Once property has been foreclosed it is first place for sale through public auction. If no acceptable bids are placed, the property is returned to the bank. At this point, it becomes the mortgage lender's responsibility to maintain the property until sold.

Real Estate Investing article on "Bank Owned"

May 12, 2009 | Comments: 1

Bank Owned Property

Simon Volkov

Bank owned property refers to foreclosure real estate that has been returned to the lender. When homes fall into foreclosure they are placed for sale through public auctions. If no one bids on the property it is given back to the bank. At this stage, the property is referred to as real estate owned, or REO, property.

Bank owned property can consist of houses, condos, manufactured homes, mobile homes, commercial properties or raw land. REO properties are sold through each lender's loss mitigation department. Many lenders present bank owned real estate via their company website. Others retain the services of a realtor who specializes in distressed properties.

Real Estate Investing article on "Bank Owned Property"

February 15, 2009

Bank Owned Properties

Simon Volkov

Bank owned properties refer to real estate which has been returned to the lender. Also referred to as real estate owned or REO, bank owned properties can consist of land, single dwelling homes, condominiums, apartment buildings, manufactured homes and commercial real estate.

Bank owned properties can be sold directly through the lender or a licensed realtor. Most REO property is priced under market value. In some cases, buyers can purchase bank owned real estate at savings of up to 40-percent. However, the average savings hovers between 10- and 15-percent

Real Estate Investing article on "Bank Owned Properties"

June 11, 2008 | Comments: 1

Bank Owned Homes

Simon Volkov

Bank owned homes are houses which have been returned to the bank due to foreclosure. Before real estate is returned to lending institutions there must first be an attempt to sell the property through a foreclosure auction.

Oftentimes, bank owned homes are worth less than the balance due on the mortgage note. This frequently stems from the fact that previous homeowners have creditor or tax liens attached to the property. In some instances, there may also be second or third mortgages financed against equity the borrower had accrued through their home.

Real Estate Investing article on "Bank Owned Homes"