REO - Real Estate Owned

I was up late last night, doing ActiveRain stuff, and a new infomercial came on. The pitch is to get rich fast by purchasing property owned by the bank. Due to the large inventory of Bank Owned properties, the program suggests that the banks are willing to part with properties fare below their fair market value.

First what is Real Estate Owned property, REO is property that goes back to the bank after an unsuccessful auction, most real estate auctions do not even result in bids let alone purchase of the property.

These homes are always sold "As-Is" and the bank bring taxing up to date. In general there is no equity left in the home, so the bank is going to work to get the best price.

Here is a link to REO properties in Virginia Beach, Chesapeake, and Norfolk and as always if you are interested in any of these call me for more information.

REO PROPERTIES

Sean Schroeder
The Real Estate-XChange
757-839-3954
E-mail: SeanSchroeder@757realproperty.com