REO (Countrywide, BOA, HSBC, etc) Foreclosures
People are talking about REO these days. But what does REO really means? REO or Real Estate Owned are properties owned by mortgage companies, private companies or mostly by banks. Foreclosures are everywhere, in all neighborhoods, sitting, waiting, vacant, and when these foreclosures officially hit the market, the best will be gone before sundown. They are the REO, also known as Bank Owned property; and they are the investor’s golden dream. To be exact, Real estate owned property is property that the bank has taken over from a distressed homeowner and either chosen not to sell through foreclosure or failed to locate a buyer for at a foreclosure auction. The lender then sells the house as its new owner outside of the foreclosure course.
On REO properties, remember that the lender will typically bid at the sale for the amount they are owed plus interest, penalties, and legal fees. If there is equity in the property beyond this point, other bidders will bid above the lender’s opening bid until the bidding stops with a successful bid. REO properties are by their very definition lacking in equity. Otherwise, they would have been sold at the auction.
Owning an REO is a good opportunity as you get to save much as compared to buying non-REO property. However, in today’s market where the number of such properties dramatically increases, you may not always get the property lower than the current market value. It’s more likely for a buyer of REO property to get a lower price during pre-foreclosure or auction stage. After the foreclosure process, the REO owner is not allowed to make a profit. A REO property goes through the process of foreclosure where the property is open for sale in an auction or Public Sale. And if no offer is accepted, the lender keeps possession of the property.
These Bank Owned properties (REO) offer many financial advantages while lowering the risk associated with the purchase of a foreclosed property. Some of the advantages are listed below:
a. Instant Equity: Almost all foreclosed properties are offered below retail value which creates instant equity and instant net worth for the investor. The equity makes obtaining a loan easier because the loan to value ratio is very attractive for both conventional and hard money financing.
b. Large Inventory: Not only is there a surplus of Bank Owned (REO) listings in Florida but across the U.S. All markets are experiencing a high volume of foreclosures; in return this is creating a surplus of Bank Owned properties (REO) in every city and many choices for the buyer. However, the cream of the crop goes quickly; submit your contract immediately because there are not any second chances.
c. Clear & Clean Title: The foreclosure process eliminates all liens, judgments, association dues, and taxes. It reduces the risk of any title problems and produces an easy transfer of ownership.
d. Vacant & Ready to Go: The property will always be vacant; the previous owners have moved out or the tenants have been evicted. The property is immediately ready for rehab, rent, sale, or home ownership.
e. Timely Manner: Plenty of time can be given for the investor to complete inspections, funding, and closing, however, most closing dates are within 30days from acceptance of the contract.
f. Easily Submit an Offer: 95% of Bank owned properties (REO) are listed with a Realtor and are on the easily searchable Multiple Listing Service (MLS). By contacting the Realtor, the investor gains the guidance of a licensed professional. And the best part of all is; the Bank pays the Realtor’s commission!
The key to getting towards the best possible REO property is researching what is owed on the home before bidding at an auction if you are looking to find a good deal.
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