Buying a Bank Owned Property (REO property)

REO listings are properties that have gone through the foreclosure process and are now owned by the lender/bank. REO listings are desirable because they can respond to a buyer's offer within a week or two depending on the situation.

Seller's (bank) of REO properties are not emotionally invested in the property and usually make decisions based on business sense. Banks use their own addendums that have control over the original purchase agreement and their process and expectations are different than a traditional listing or short sale listing in terms of protocol and timeframes.

The drawback to purchasing an REO property is that the bank has never lived in the property, as a result the bank will not be able provide the buyer with any disclosures about the history of the property or its current condition. Seller's (banks) of REO properties generally will not make any repairs to the property, thus the buyer usually purchases the property in its current condition.

I've helped many buyers purchase REO properties, so I have a unique advantage over many buyer's agents that have not dealt with banks. If you're interested in purchasing a REO property, please feel free to contact me today at 800-477-0075.