Looking for a new home? Have you ever considered looking at Reo property listings? Lookinga t bank owned homes for sale can sound sort of iffy, but it can also be very lucrative to look into REO real estate listings. Usually, when you find a bank owned property for sale, you are looking at a home that has been foreclosed on. Usually there is a stigma that those sorts of homes are in disrepair and not worth the money. However, don’t discount a foreclosed home search! Here are some things you might not know about REO property listings that could help you.
1. A buyer can both vew more than one home as well as make an offer on multiple REOs.
2. REO properties are properties that have been foreclosed on by a bank because of non payment by the owner on their monthly mortgage payments.
3. Starting in the later 2000s, sales of distressed homes like REO properties started to become extremely common.
4. In order to sell foreclosed properties as quickly as possible, banks will often list them on an “as is” basis.
5. Once foreclosure happens, the bank owns the foreclosed on property. The homeowners are evicted, any back association fees or taxes are paid, and then it negotiates the removal or lifting of other liens that might be on the property. Continue reading here.