You Know REO Property is Right for You When.........

Written by Gabriella for Island Advantage Realty LLC

REO properties aren't for everyone. In fact it takes a specific kind of buyer to really enjoy buying an REO property. With a little inspiration from Jeff Foxworthy I have decided to make a list.

You know REO property isn't right for you when:

You feel compelled to pay top dollar for everything and actually feel that the value of some thing is less if you get a great price.

REO Properties are sold for fair market price, minus the cost of necessary repairs, so they are frequently less expensive than other comparable homes.

You know REO property isn't right for you when:

You have a hard time making design choices and loathe even small home improvement projects.

REO properties are generally sold AS IS, however the buyer is compensated for necessary repairs. Frequently REO home buyers will find that they need to pick new carpeting and even color schemes for one or more of the rooms in the house. For someone who enjoys making a home uniquely their own this can be a great opportunity, but if you don't like improvement projects REO property probably isn't for you.

You know REO property isn't right for you when:
You like long drawn out escrows.

REO properties generally have very short escrow timelines.

Do you still think REO property might be right for you? Give us a call at Island Advantage Realty, LLC we'll help you to find the REO property of your real estate dreams.

The advice and tips offered in this blog are intended to be solely informational and do not apply in all circumstances. Make sure that you consult a real estate professional, financial consultant, attorney or accountant before taking any action. For further information or questions please contact Gabriella@IARNY.com