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December 28, 2011

REO Property

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 "

December 12, 2011

REO Property

REO property has become quite popular because most are listed below market value and can be financed through special programs. An acronym for 'real estate owned' these properties have been returned to the bank due to loan default.

Banks want to sell REO property as quickly as possible; particularly those that have a negative impact on profit margins. With that being said, this doesn't mean banks are willing to take additional losses on properties they own.

Everyone knows banks have repossessed millions of homes in the past few years. Once property is repossessed it is listed for sale at a foreclosure auction. If it doesn't sell, banks take possession and become responsible for securing and maintaining the property.

Real Estate Investing article on "REO Property "