When a foreclosed home is not sold at auction, it turns into a real estate owned property and is placed back on the market for resale to the public. Real estate owned or REO is a term used in the to describe a class of property owned by a lender—typically a bank, government agency, or government loan insurer.
For a number of reasons, real estate owned properties are a better option for homebuyers than foreclosed homes. Just like foreclosed homes, REO properties are in poor condition, however, unlike foreclosures, REO properties are maintained until sale. Maintenance like basic yard-work, locking up the property, and repairing leaky roofs are common. Along with general maintenance, homebuyers are also allowed to tour the property and have a professional appraisal performed prior to making an offer. If these benefits weren’t enough to persuade you to purchase an REO property, then consider this, they are generally cheaper than market value as the banks want them off of their books.
If you think you might be interested in a REO property, contact the agents at At Home Texas Real Estate.
Real estate owned properties are priced to sell and the professionals at At Home Texas Real Estate are eager to help you find the right home. Call us today!