Things You Must Know About REO
Bank owned and REO homes – Defined
Generally speaking a bank owned home, otherwise known in the real estate industry as an REO, is a home that has been taken back by the bank after the owner has defaulted on their loan. The foreclosure process is a complicated and lengthy one, with many financial, social and tax issues to contend. It is important, then, to work with highly skilled professionals when buying a bank owned or REO home, since many of the contract and financial issues are much different than in a standard real estate sale or transaction.
Want to Buy a Bank Owned? — Do this First!
See a lender. Nothing is more important.
Remember that the banks are interested in numbers, cash, financing, and almost nothing else. If you are going to compete with other potential buyers, you must be financially prepared.
You do not want to lose a home because you are not prepared. If you’re wondering why I’m a pretty darn good Realtor, then this is one of the reasons. I will help you get prepared, because to buy a Bank Owned or REO nothing else is more important.
Take the First Step Toward Buying A Bank Owned or REO
Call Don Reedy with Real Living Lifestyles Real Estate today at 760-802-9713. Get qualified with a great and knowledgeable lender, and then move ahead with using all of our SEARCH TOOLS to find your home.
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