Should I try to buy a REO property?
REO stands for Real Estate Owned and refers to homes that the bank has completed the foreclosure process and is now the owner of record. Banks do not like to keep a large inventory of REOs because it impacts theirability to borrow money.
Once a bank has taken a property back they will generally work with one real estate brokerage to put them into MLS and get them sold. The real estate broker will have a bottom line price that the bank is willing to accept and that should be the price that appears in the listing on MLS.
These can be excellent opportunities and offer a quick, from offer to closing. The REO homes unlike the short sale homes are ready to buy, close and move into. There are many advantages to an REO over a short sale and one of them is speed with the other being you know what condition the home is in as they will always be vacant.
The amount of repairs needed will be ascertainable by inspecting and asking for repair estimates from a Home Inspection Company. the home and in some instances asking a General Contractor to give you a bid on making whatever repairs you wish.
All in all considering looking at REOs in the area that you wish to purchase is time well spent and many times you will end up with a bargain. Happy hunting!!
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