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Buying Real Estate Owned (REO)
REO or Real Estate Owned properties are foreclosure homes that left behind after auction. Means REO is the third stage of foreclosure home. When nobody buys the foreclosure home in auction, the property will end up being collected back by the lender and officially, the lender become the owner of the foreclosure home. The lender will settle all the hidden liens and clean up the foreclosure home title before putting the foreclosure home for sale again.
Buying REO is considered as the easiest approach in buying foreclosure home. In this stage, lenders are eager sellers as they do not actually want the properties. Below are the advantages and disadvantages of buying foreclosure (REO)
- Lenders will settle all the other liens before selling the foreclosure home. ( which leave no worries on hidden liens for us, the buyers)
- Least documentation works compared to buying foreclosure through auction and pre-foreclosure.
- There is always a clean title.
- More time to do foreclosure home inspections.
- Savings and profits are much lower.
Visit the nations #1 foreclosure site for REO and find homes for half the price.
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