What comes around goes around, and bad news for sellers has a flip side for buyers.Â Those ready to make a purchase can take advantage of some great deals, including â€œREOâ€ properties.Â If you’re unfamiliar with that term, it simply stands for “Real Estate Owned.”
If a bank is forced to foreclose on a property, then the bank owns that real estate, making it â€œREO.â€Â Of course, banks don’t really want to own the home, because it negatively affects their financial status, and they have to pay for taxes, insurance and maintenance on the property.
To avoid losses, banks want to sell these holdings as quickly as possible, making many such properties a very attractive purchase.Â Where do you begin if you’re interested in finding these investments?Â Many real estate agents and brokers already have relationships with the lenders, and should be able to point you in the right direction and provide both guidance and assistance in your search and purchase offer.
Once you’ve found a suitable property, however, you’ll probably still want to seek the counsel of an attorney who specializes in real estate transactions.Â As is the case with most purchases, you’ll want to be absolutely certain that you’ll receive a clean, marketable and insurable title, with no ghosts in the closets.
Ask a trusted agent about the advantages of an REO today!
Bennington VT, Real Estate, Buying