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Foreclosure Listings ~ Bank Owned Properties ~ REO's


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rightBuying bank owned properties
There is a lot of interest in buying bank owned properties these days. A lot of information, some good and some bad, is floating around about the subject.  Often the information offered is for sale, with the promise that you can make a lot of money with little effort once you know the secret formula. The fact is that there are no secrets, and to make money does require effort. Using our experience and services costs you nothing and may save you thousands of dollars and countless hours in the long run. The competition for acquiring the best deals is fierce and some properties can sell within days of hitting the market. Having all of your ducks in a row is imperative for making a successful offer on REO properties. Setting up a detailed and customized MLS search with us is free of charge. Public MLS sites often contain outdated information and are slow to update new listings. Working with us increases yours odds for finding the best deals greatly.

What is an REO?left
REO stands for Real Estate Owned. These are properties that have gone through foreclosure and are now owned by the bank or mortgage company. This is not the same as a property up for foreclosure auction. When buying a property during a foreclosure sale, you must pay at least the loan balance plus any interest and other fees accumulated during the foreclosure process. You must also be prepared to pay with cash in hand. And on top of all that, you'll receive the property 100% as is. That could include existing liens and even current occupants that need to be evicted. A REO property by contrast, is a much cleaner and attractive transaction. The REO property did not find a buyer during foreclosure auction. The bank now owns it. The bank will see to the removal of tax liens, evict occupants if needed and generally prepare for the issuance of a title insurance policy to the buyer at closing. Do be aware that REOs may be exempt from normal disclosure requirements.  In California, for example, banks are exempt from giving a Transfer Disclosure Statement, a document that normally requires sellers to tell you about any defects they are aware of. As most all REO properties are sold strictly as is, in many cases what you see is what you get.

rightIs it a bargain?
Its commonly assumed that any REO must be a bargain and an opportunity for easy money. This simply isn't true. You have to be very careful about buying a REO property if your intent is to make money off of it. While its true that the bank is typically anxious to sell it quickly, they are also strongly motivated to get as much as they can for it. When considering the value of any REO property, you need work with your Realtor to look closely at comparable sales in the neighborhood and be sure to take into account the time and cost of any repairs or remodeling needed to prepare the house for resale. The bargains with money making potential exist, and many people do very well buying foreclosures. But there are also many REOs that are not good buys and not likely to turn a profit. Fact finding is a large part of determining whether the price you offer for a property is a wise one. We will help you go over all of the pros and cons associated with weighing the facts. Accurate attention to details is imperative in the decision making process as these need to be considered quickly.


Ready to make an offer?left
Most banks have a REO department that your Realtor will work with in buying a REO property from them. Typically the REO department will use a listing agent to get their REO properties listed on the local MLS. Before making your offer, your Realtor will contact either the listing agent or REO department at the bank and find out as much as they can about what the bank knows concerning the condition of the property and what their process is for receiving offers. Since banks almost always sell REO properties as is, you'll want your Realtor to include an inspection contingency in your offer that gives you time to check for hidden damage and terminate the offer if you find it too costly to undertake repairs. As with making any offer on real estate, you'll make your offer more attractive if you can include documentation of your ability to pay, such as a pre-approval letter from a lender. After you've made your offer, you can expect the bank to make a counter offer. Then it will be up to you to decide whether to accept their counter, or offer a counter to the counter offer. Realize, you'll be dealing with a process that probably involves multiple people at the bank, and they don't work evenings or weekends. Its not unusual for the process of offers and counter offers to take several days or even weeks.

We have vast experience working with REOs, writing successful offers, and seeing them all the way through closing to final settlement. As with any buyer agency agreement we enter into, our services to guide you through this often complicated process of purchasing REO properties costs you nothing. We receive payment through commissions fees paid by the seller. Please feel free to contact us with any questions and to have a free instant MLS search update notification e-mail set up to inform you of REO properties matching your precise criteria as soon as they are entered into the MLS system. 301-213-7351 ~



 Rob & Jeannie Steward

23315 Frederick Road
Clarksburg, Maryland 20871
Direct: (301) 213-7351
Office: (301) 591-3920
Fax: (301) 591-3921

We Work Twice As Hard For You!

REALTOR® - Outstanding Agents. Outstanding Results.® Each Office Independently Owned and Operated - EHO




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