The definition of REO is “Real Estate Owned”. This is a home that has gone through the foreclosure process and now is owned by a bank or mortgage company. This is not the same as a property up for foreclosure auction. When buying a foreclosed home from auction you can expect to pay the remaining loan balance, interest and other fees accumulated during the foreclosure process. You must pay in cash and receive a “limited” warranty deed and an AS-IS disclosure. With all of that you still could end up with existing liens and even current occupants in the home that need to be evicted. An REO/Bank owned property is a much cleaner and more attractive purchase. An REO is a property that was not purchased during an auction. Now the bank takes ownership of the home. The bank now in some cases will do some clean up, repairs, remove liens, and evict occupants if necessary. The bank also prepares for an issuance of title insurance policy for the buyer to help protect from potential clouds in the title.
Are Bank Owned Properties A Good Deal?
It is common for consumers in today’s market to think if it is bank owned it is the best deal on the market. Consumers and investors alike think it can be easy money. But in a lot of cases this just isn’t true. You have to be very careful buying a bank owned property if your intent is to turn the property to make a profit. When buying a bank owned property you have to pull all the comparable properties in the area. If there are a lot of short sale homes and bank owned homes for sale in the immediate area this could affect your profit when you go to turn a profit on your investment. You also have to take into account your time and cost of products and labor to make your investment property competitive in your market. There are bargains and potential for you to profit on your investment. Many people have done very well buying foreclosed bank owned properties. But there are also bank owned properties that did not tune a profit and even at times ended up causing the investor to loose money.
All information is deemed reliable but not guaranteed
REMAX Advantage Plus
Each REMAX Office Is Independently Owned and Operated.
John Anselmo & Michele Anselmo
http://www.minnesotarealestatesite.com
Primary areas of service in Minnesota:
Shakopee homes for sale, Chaska MN, Chanhassen Realty, Jordan Foreclosure, Belle Plaine Short Sale Home, Prior Lake MN homes, Savage homes, Burnsville Properties, Apple Valley New Homes
Also serving areas:
Minneapolis auctions, Search St. Paul, Edina New Construction Representation, Eden Prairie MN, Hopkins Bank Owned, St. Louis Park REO, New Homes in Crystal, New Hope Relocation, Property Sold in Plymouth, Wayzata Properties For Sale, Excelsior homes for sale, Waconia MN homes for sale, Minnetrista Listing Agent, Minnetonka Loans, Mound First Time Buyer, Maple Grove homes, Golden Valley Home Buyers, New Prague New Home Development, Elko Loan Programs, New Market MN, Lakeville Remax, Farmington Land, Watertown MN homes for sale, Mayer townhomes, Inver Grove Heights Ramblers, Eagan Two Stories, Woodbury MN homes, Coon Rapids Foreclosure, Brooklyn Park Contract For Deed, Brooklyn Center Homes For Sale, Richfield New Home Buyer, Green Isle Sold Homes, Delano Lots For Sale, Arlington Relocation, Le Seuer homes for sale
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