Alex What is REO repossession?
An REO (Real Estate Owned) property is a home the bank owns after a foreclosure or deed in lieu. Depending on state law and the circumstances, the foreclosure will be judicial or nonjudicial. At the end of the process, the property is sold so that the lender can recoup the amount it loaned to the defaulting borrower.
What is an REO purchase?
Real estate owned (REO) is the term for a property owned by a lender because it failed to sale in a foreclosure auction after the borrower defaulted on his or her mortgage. REOs are often sold at a discount by banks and other lenders.
What is the difference between REO and bank owned?
Real Estate Owned (REO) and bank owned mean the same thing. Both terms refer to properties that have gone through foreclosure and have been taken back by the lender or investor who held the note.
Can a Reo agent work for more than one bank?
Most REO agents work for just one or two banks. Some listing agents are exclusive listing agents for REOs and they do not list any other type of property. Since REO agents deal in volume, they typically apply the same pricing principles to all of their REO listings.
What do you need to know about Reo listing agents?
There are a few things you’ll want to know about REO listing agents: Most REO listing agents list only REOs, no other type of property. REO listing agents often give discounts to the banks in return for their business, because these agents deal in volume and sometimes the bank’s asset manager gets some of the commission.
Do you have to offer more than list price for REO home?
If there are no offers on the REO home, you can probably offer less than list price and get your offer accepted. However, if there are more than two offers, you will most likely need to offer above the asking price. If there are 20+ offers, bear in mind that some of those offers might be all cash.
What happens if your employer says you owe them money?
If your employer says you owe them money. When you leave a job, your employer can only ask you to pay back money if it’s for something you’ve specifically agreed to in writing. Even if you do owe your employer money, they can only take it from your pay if there’s a written agreement to say they can.
Most REO agents work for just one or two banks. Some listing agents are exclusive listing agents for REOs and they do not list any other type of property. Since REO agents deal in volume, they typically apply the same pricing principles to all of their REO listings.
What should I know before making a Reo offer?
The first step to determining your REO property offer is learning about the property’s financial history. You will want to find out how much the property was originally purchased and how much its foreclosure was priced at auction. You should also conduct your own market analysis to get an idea of how much similar homes in the area are valued at.
How long does it take for bank to respond to Reo offer?
While REO buyers in healthier markets are being rejected by banks outright for lowballing, that likely won’t be the case in your community; the bank should at least work with you. By the way, a mortgage company will generally respond to an offer within seven business days and either accept it or counter.
Is it good to invest in REO properties?
Investing in REO properties is a great addition to any investment portfolio, and also has the potential to help you profit big time. However, if you’re offer never gets accepted, you won’t be able to take advantage of the benefits. Help your bid be chosen every time by adhering to the following tips: 1. Offer A Quick Closing