Why Buy a Bank REO Property? - All liens against the property were removed when the bank took over ownership, and taxes are paid.
- REOs can be inspected prior to contract, and are listed with real estate agents. Foreclosure auctions do not allow such inspections.
- REOs are sometimes restored to at least a move-in condition by the lending bank, unlike many foreclosures.
- Financing will often be available from the bank or lending institution that owns the property, on better terms than on traditional properties.
- Often the bank or lender will credit the buyer with an allowance for certain repairs.
- You can save money in your escrow costs if you use the same title company that the lender used during foreclosure. A lender may reduce or eliminate the cost of title insurance!
- REO properties are usually listed on your local MLS (multiple listing service), or on our website
- Possiblities abound in the current market to purchase an REO at much less than the property's actual market value.
Lenders and banks want to move their properties off their books, which gives you, the Buyer, an advantage. Here are some things to remember, before you make that offer: 1) Get Pre-approved by a lender. 2) Submit evidence of funds on deposit with your offer 3) Submit credit report with offer (Fico scores) 4) Engage the services of our experienced team of Realtors. At McCoy Real Estate every transaction is serviced, and every customer assisted, by both Broker, Elaine Giamona, and Buyer's Agent, Alysia Giffin. You get two for one. And the seller pays all commission fees! |
