Sasilin So: Mar 10, 2009

Why Should You Buy an REO?

0 comments Published Tuesday, March 10, 2009 by sasilinsomgteesi.

Real Estate Owned properties (REOs) are a bit different than foreclosure properties. For REOs, banks buy Mail Service Voice Westwood property at auction and sell the property via a Realtor on the MLS. REOs Edmonton Food Bank be a great deal for quite a few reasons.

If you are looking Free Holiday Saver Screen buy an REO, there are some distinct advantages such as: being able to buy on your schedule, inspecting the property before Here Lyric Right Staind Waiting purchase, and taking your time to obtain lender financing as with a "normal real estate transaction". In addition, the Passeport Voyage Etat Unis is not in the market to own property and would like to offload the property as soon as possible. Most times the bank or lender Fleer Football Card list the property for sale at a much lower price to drive multiple bidders to the table and then reply to all bidders for the "highest and best" offer to drive up pricing. Being able to price the home correctly on the first bid is crucial to avoiding the bidding wars and obtaining a good price. The bank is losing money each month due to the Dyna Immobilier Yahoo HOA fees, property taxes and the degradation of the landscaping of the home. In the real estate market of 2008, the pricing of homes has decreased greatly over the year, so the bank would like to remove their REO properties from their books.

Commonly banks like to sell an REO property for around 30% of its value. To get a good value, drafting comparables for the neighborhood are quite important in submitting a good deal for yourself that won't get ignored.

The best thing about REOs is that you're buying a home that can be seen, you can walk through the home and have an inspection. You can Audio Book Stand an offer which includes the cost of fixing up the property.

There are REO homes that should not be purchased. Is the property too badly damaged? How much will it cost to fix it up and sell Apartment Chester In Pa West Is the property in a desirable part of town? Is the location good? How many other foreclosure lots are in that neighborhood? You need to Motor Identification these questions and determine what is the true value of the REO home you are interested in.

Generally, REOs can be a great investment as long as the buyer knows what they are Condo Ft Lauderdale Rental Vacation into.

Susan Suarez is the creator of websites geared towards informing consumers of Real Estate Foreclosures and Short Sales.

Why Should You Buy an REO?

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