What is REO or Real Estate Owned?
REO or real estate owned is when a foreclosed home does not sell at auction, the property turns into a real estate owned property. Then it is placed back on the market for resale to the public. Real estate owned or REO is a term used to describe a class of property owned by a lender. Which is typically a bank, government agency, or government loan insurer.
Give REO Properties a Chance
For a number of reasons, real estate owned properties are a better option for homebuyers or investors than foreclosed homes. Just like foreclosed homes, REO properties are in poor condition. However, unlike foreclosures, REO properties are maintained until the sale of the home. 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. You also have the chance to hire a professional appraisal performed before making an offer. Taking advantage of the appraisal option will also help with the negotiation process between your real estate agent and the bank. If these benefits weren’t enough to persuade you to purchase an REO property, then consider this, they are often cheaper than market value because the banks want them off of their books as soon as possible.
If you think you might be interested in an REO property, contact the agents at, AT Home Texas Real Estate.
Real estate owned properties are priced to sell! Anyone can purchase an REO property. The difficulty comes when trying to contact the person at the bank who is responsible for selling the lender-owned home. The professionals at, AT Home Texas Real Estate, are eager to help you find the right home. If you are excited about the opportunity to take a home that is in rough shape and turn it into your dream home for a fraction of the price, call us today!