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REO or Foreclosure

What is REO?
An REO is a property that was not sold at the auction to a bidder and was therefore taken back by the lender. Since lenders are not in the business of managing real estate, they are willing to sell the REOs quickly to interested homebuyers or investors. REOs are sometimes called special assets to distinguish them from properties that are actually used by the lenders, such as corporate facilities or branch offices.

All our foreclosure listings are updated daily.  Many hot new forecloseure properties sell within the first 48 hours of their listing so it is really important that you move very quickly in order to find a good deal.  Our staff is knowledgeable which ensures great client support. When you are ready to buy, our professional realtors will work with you and guide you every step of the way. With decades of experience available, you can rest assured that you will not be alone even if you are a first time home buyer, first time investor, or a seasoned pro.

Why be an Investor?
Investors have been drawn to real estate since the beginning of time. Big profit margins and durable assets continue to attract those looking for a good investment opportunity. Focusing on forclosures stretches those profit margins even further, but carries extra risk. Doing your homework and following through carefully can lead to big money. Home ownership has long been the American Dream. Owning a foreclosed home brings that dream even closer than you may have thought possible. There are many services and information sources available to help you learn about and move through this process.

What should I be aware of?
There are two primary points to consider. The first is that all of the debt on a pre-foreclosure remains on the property until it is sold at auction. This means that any junior debt, including trusts, mortgages, tax liens, and judgments, which may exist on the property must be paid before you can buy the property. Usually, there is only one trust or mortgage on a property. However, it is important that you find out about possible junior debt before you spend too much time and money investigating the property.

The second primary issue is that only the individuals who are on the title to the property can sell the property. All of the owners of the property must agree to sell it to you before a sale can occur. Make sure that you know who the owners are and that they are all interested in selling before you start negotiating a deal. Most homes are owned by individuals or couples, so finding them and negotiating with them should be straightforward. Owners who have abandoned the property or have moved out of the area may take some more effort to find.

What should I be aware of in buying foreclosures?
You should be aware that most foreclosure properties are sold in "as is" condition. That means that neither the owner, foreclosure attorney, lender, government agency nor their agents are required to do any property repairs. You should therefore expect and be prepared to fix up the property, either by yourself or by hiring a contractor.

In addition, it is important to arrange your financing in advance of your foreclosure purchase. Contact your lenders or partners to negotiate the terms and conditions of your financing so that you will be prepared to complete the purchase once you negotiate a good deal.

Whether you are considering a move to our area, a Coldwell Banker professional can help make the transaction a smooth experience. From the moment you begin to gather information about your new area until you register for schools and activities, we will offer assistance every step of the way. Our staff in the relocation department works with buyers and sellers from moving to or from our area. We are here to help you along the way.