Currently there is great interest in distressed properties, namely bank owned properties (REO), and those advertised as a “short sale”.
If you have any questions on any of the properties above or if you wish to receive a comprehensive list of bank owned properties, please fill out the form below:
*What does this mean to buyers and sellers, and where are the opportunities?
Bank Owned Homes (REO – Real Estate Owned)
These homes have gone through the foreclosure process and are physically owned by a bank or other lending institution. Banks rely on local agents to help sell these homes, and pricing can be very attractive. Multiple offers are common, and some homes sell for more than their list price.
Short Sale Homes
These homes are still owned by the seller, are somewhere in the foreclosure process, but the value of the home is less than what is owed to one or more lending institutions. Agents attempt to obtain offers and then contact the lending institutions to see if they will accept less than what they are owed to clear the loan. This may sound easy, but most are very difficult to deal with. Lenders have no set time frame in which to respond to an offer, and may take as long as two to three months to reply. In the mean time, potential buyers sit and wait, without any guarantee of success. The process can be very frustrating for all involved. Few of these transactions are successful, but when they are, the buyer must have their loan approved or provide all cash to close the deal.
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