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What are Bank REO Properties?

Real estate acquired by a bank through foreclosure.

About Bank REO properties

It happens often enough that real estate does not get sold during a foreclosure sale, because no bidder was willing to meet the minimum price requirements. When this happens, ownership of the property goes to the foreclosing lender and becomes real estate owned or REO. The new owner will quickly try to pay off all outstanding debts, such as taxes and association fees, remove any third party tax liens and evict anyone occupying the property. Also some necessary repairs and cosmetic improvements may be carried out to prepare the bank REO properties for a quick sale.

Tips and Advice

When approaching a bank or financial institution, you should be aware of what motivates them in the sale of their REO Properties. Most banks are looking for a quick sale because they do not want to manage real estate and they want to reduce carrying costs. In other words a delayed closing may be a deterrent. Avoiding future potential liabilities relating to title, environment and structural issues is a major concern. No bank wants to find itself in litigation after having sold a property. Achieving the best sale price considering market conditions is a motivating factor as well. It is best to discuss, question and just talk to a bank’s sales representative to find out what other issues may influence its decisions in the sale of its real estate.

Don’t be afraid to submit a low offer as you may be pleasantly surprised in the response you get. In any case, if the response is negative you can always resubmit at a higher price. Keep your offer simple and try to minimize conditions. Depending on the seller, you may also be able to request special financing such as a low interest home loan or a high ratio mortgage. Remember, if you don’t try you won’t get.

Real Estate Owned (REO) Defined - Wikipedia
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