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What does REO mean anyway? How is this different from the typical buying process?
When considering a REO property - as with all properties - it is important to be well
informed so you're well aware of the process from the first handshake through the closing.
How to Buy a Bank-Owned Property or REO (Real Estate Owned)
Five steps to finding a bargain
Under this buying stage, the lender or bank has taken ownership of the property, either through an agreement with the owner during pre-foreclosure or at the public auction. REO means "Real Estate Owned" by the lender and indicates the house has already gone through the foreclosure process and has been repossessed by the lender.
The lender usually sells the property to recover the unpaid loan amount and typically clears the title for any buyer. But the potential bargain is often less than a pre-foreclosure or auction property. Here's how to buy bank-owned properties or REOs:
An REO (Real Estate Owned) is a property that goes back to the mortgage company after an unsuccessful foreclosure auction. You see, most foreclosure auctions do not even result in bids. After all, if there was enough equity in the property to satisfy the loan, the owner would have probably sold the property and paid off the bank. That is why the property ends up at a foreclosure or trustee sale.
How to Break into the Foreclosure Market
Seven steps to get you started
With mortgage interest rates at historic lows and a record number of homes falling into foreclosure, many real estate investors and homebuyers are pouring their money into the foreclosure market.
But it's not an easy market to navigate, so do your homework, be patient, learn the foreclosure process and most importantly, be persistent. Here are the steps to get you started:
How to Buy a Pre-Foreclosure House
Six steps to finding a bargain
The pre-foreclosure period -- when a Notice of Default or Lis Pendens has been issued -- can last several months, so buying during this time requires a lot of patience and persistence. Understand that the owner still has a chance to stop the foreclosure process by paying off what is owed or by selling the property. Here's what to do:
Property Records
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