Real Estate Owned properties are properties that has gone through foreclosure auction and unable to receive acceptable bids. These properties are taken back by the lender, mostly banks and referred to as Bank REO’s.
Now may be a great time to buy bank owned properties. These are real estate properties that the banks have foreclosed on and are losing money on. A property that a bank holds is referred to as a bank R.E.O.
REO, or real estate owned, properties are properties which the lenders have taken back into ownership after they failed to sell at foreclosure auction. The lenders, usually banks, will then try to sell the properties as quickly as possible.
Banks are not in the business of selling properties. But due to the increasing number of foreclosure, banks want to be able to quickly sell the properties.
Banks are willing to give the property below the current market value just to help them from incurring additional expenses in keeping these properties.
One advantage of buying property after foreclosure is dealing with the bank directly and making sure that the property has a clean title. The bank shoulders all the liens and provide a clean title for interested buyer.
Bear in mind to always inspect government and bank owned REO’s they are subject to vandalism, particularly if they have not been occupied for a while and this could mean that major repairs are required. These homes are for sale “as-is” so always ensure that a “subject to inspection” clause is clearly defined in any offer to the bank, if you have not yet managed to inspect the property, this small clause will save you a great deal of trouble in the future.
It’s advisable for buyers of REO to inspect the property. This way, you can personally see the condition of the property and make an assessment as to how much you need to repair the property.
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- Properties about REO - REO” stands for “Real Estate Owned” properties. REO properties are known as bank owned residential property, bank REOs, house foreclosures, etc. “REO companies” are businesses that deal exclusively with these investments. Foreclosure has been all over America for the past couple of years.
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