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Bank owned (REO) Homes

Why Buy A REO

A "REO" is Real Estate Owned by the bank, which means the property was foreclosed on by the bank and the bank took over ownership. Banks are not in the business of owning properties and they want nothing more than to sell them as soon as possible. This need by the banks to sell quickly creates great opportunities for buyers.
Advantages of REO vs. Foreclosed Property
When buying a REO your able to make an offer to purchase when you're ready to, not when the Auctioneer decides it's time to start bidding as in the Foreclosure market. You also have the advantage of being able to inspect a REO property before moving ahead with your purchase. Foreclosure homes purchased at auction are sold as is with no real understanding of the properties condition. REO properties can be inspected after your offer is accepted and before moving forward on your purchase.
Are all REO's a good deal?

The answer is no. Just because the bank owns a property doesn't make it a good deal. In fact, some REO's have problems and issues that make them undesirable or bad investments. However, when purchasing REO's it's your right to inspect the property after making an offer and before deciding to move forward with the purchase. Representation by a professional Realtor and a thorough inspection by a professional home inspector helps ensure you're making a solid investment.
Why can REO's be such a good deal?

Banks are in the business of lending money, not holding Real Estate. Because it's extremely costly for banks to hang on to properties they are willing to sell property for less than market so as to quickly obtain the most funds in the shortest period of time. Unfortunately for the banks, Foreclosures are costly. They understand a small loss is better than a big loss and the longer the Bank holds onto the property the bigger the loss.