Skip to content

REO – Real Estate Owned Properties

February 29, 2008
by

There is much confusion these days about what an REO is and what the opportunities are around purchasing one of these properties. Just to clarify, an REO is a property (typically a single family home) that has been taken back by the bank or investor because the homeowner was unableor unwilling to keep up with the payments on the home.

With so many personal bankruptcy’s and foreclosures on homes these days, bargain hunters and first time home buyers are scrambling to pick up homes on the cheap, but it’s not a simple as that. The banks and lenders that own these properties invested their money in them on behalf of the homeowner, expecting a return on their investment. They are not too eager to sell these homes at a loss, just as any other homeowner.

More than ever, it’s important to work with a Real Estate professional with many years of experience in REO properties to make sure you completely understand the process. Expect to spend a little more time and effort to get a home that is right for your needs and at the right price. By having patience and following the advice of your Realtor®, you can expect to have a much smoother and successful transaction than attempting to purchase directly from the bank or at auction.

Call me for more information on REO properties or any Real Estate needs, toll free at 1-800-783-7175.

Cecily Tippery,
Coldwell Banker Amaral and Associates.

Advertisements
No comments yet

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: