What Is Foreclosure And REO?
You can use my website to search foreclosures and contact me to set up a time to take a look or have me research some info for you. I am a member of RealtyTrac which is the leading provider of foreclosure information.
The most common type of foreclosure property you'll encounter in your home search is a Real Estate Owned, or REO, property. REOs are properties that have been foreclosed and are now owned by the bank.
REOs may be vacant or in need of repair. But often they look and feel just like other homes for sale, and they're listed by a real estate agent. Although they're typically sold as-is, it's not uncommon for an REO to be in move-in condition. But the process of buying an REO is different than other home purchases. An REO property is one that's been foreclosed on and is now owned by the bank.
REO properties fall into two categories:
Move-in condition: The home is in acceptable condition and not in need of rehabilitation. You could buy this property and move in quickly.
Damaged: A damaged REO generally needs repairs and rehabilitation before you can move in. These types of REOs are attractive to investors and some buyers who aren't daunted by the work involved in rehabbing a property. Often, you will get a bigger discount on damaged REO properties, but you have to consider refurbishing costs.
Where can you find REOs for sale?nI have an extensive list of websites and subscriptions to find and learn about foreclosures and REO's.
Just contact me. Oddly enough, it isn't as easy as you think to spot and buy an REO. Most banks and other mortgage institutions do a poor job of marketing these propoerties.
Pros of buying REOs:
• Often, you'll pay a below-market price for the property.
• The process is similar to a "normal" home purchase in that you can secure financing using a traditional mortgage. (Buying an REO property is nothing like buying a foreclosure property at auction with cash.)
• You'll be able to do inspections and secure financing before completing the purchase.
Cons of buying REOs:
• Many banks will require an "as-is" purchase, and if there are problems or necessary repairs, paying for them is your responsibility.
• The process can take longer than a regular home sale.
Get In Touch
share
Local Expert Updates
Aaron Jones
Cell: 712.320.9442Community Updates
The Three Sons
Founded in 1960, the Three Sons has been a staple of Milford, IA retail. From Herman and Emil Richter, owners, was born the University of Okoboji, a ficticious university that calls the entire Iowa Great Lakes the campus of the U of O. Part of the experience of shopping the three sons, if walking the old battered floors, and taking a trip upstairs for half price, plus a buck. Brands you would expect in Milford Iowa are abundant, such as Patagonia, Oakley, Under Armour, Tommy Bahama, and more. There are currently 2 other stores; one at the amusement park, and another near the Regal Beagle called the bridge store. No self-respecting visitor to Okoboji leaves without visiting one of their stores.
Dixon Family Chiropractic
Dixon Family Chiropractic is a clinic located on Hwy 9, east of Walmart, next to Pizza Ranch and has convenient hours.....open 6 days a week at 7:30 am, evenings and Saturdays. Formerly in the convenient health care building south of the 4 way stop in Spirit Lake, Wade and Adalee offer a friendly staff and professional services.
Boji Doors
A family owned and operated garage door installation and general maintenance and repair company. They have competitive pricing, their service is prompt and reliable, free design estimates are available and they cover a wide service area. Whether you’re wanting to transform your space, repair your existing door, or explore and design a new commercial or residential garage door option, Boji Doors of Spirit Lake has you covered! Call Josh today 712.330.9806 for sales, service and installation!
