FINDING A DIAMOND IN THE ROUGH

A foreclosure or short sale listing may be a wonderful property at a bargain price! The process to purchase one of these properties can be long, complicated, and frustrating. We will guide you through every step of the process from bidding on the property to the closing the deal. We strive to make the process as Easy and Stress Free as possible.  Contact one of Our Agents Today!

 

REO

 

Also called REO (Real Estate Owned) Properties or Bank-Owned Properties, are lender owned properties that result from a previous owner defaulting on the loan. One way or another, the lender now owns the home.

Maybe the homeowner just mailed in their keys and disappeared. Maybe the home wasn’t bought at auction. In any case, the lender owns it. REO properties carry all the downsides of Short Sales except that you’re more likely to get an answer within days or weeks on REO properties.

However, the bank is unlikely to take much below list price. They’ve already taken a big loss and usually these properties are listed pretty close to the rock bottom of what the bank will accept.

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