Buying a Foreclosure / REO property
On of the most common question I get these days has to do with buying a bank-owned property or a foreclosure. Another term used to refer to bank-owned homes is REO, or Real Estate Owned. Although these REOs have driven down the prices in many markets, the good ones aren't sitting around.
There's stiff competition for foreclosures in good areas, as long as the price is right! This is frustrating to many buyers who may submit more than a few offers before they are finally successful with a winning bid. The reason for this is important to understand. If you are in the market for a good deal on a home right now, time is of the essence and there is no time to spare when it comes to these deals.
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But even more importantly, you need an experienced REALTOR who knows the real value of the properties on your list. Many agents and banks list the property at a low price to generate alot of interest, multiple offers, and in many cases, the home sells for more than the asking price! This is unbelievable to many buyers whose perception is that with so many properties on the market, they will be able to submit low-ball offers and get some sort of result! I am not saying you never will be successful in that, but I AM saying that you need a professional who knows the difference who gets results!
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Posted in Real Estate Post Date 12/04/2015