What are Bank REO (Real Estate Owned) Properties?
Benefits of buying a Bank foreclosure Positives: Equity Sometimes the bank will hold the financing and give you a preferred rate. Negatives: Nonrefundable deposit Lots of work and no guarantee the house will ever be sold. The most time consuming and most complicated foreclosures to become involved in. Time consuming because no information is easily obtainable. A great deal of research is required and the only way to do it is to spend countless hours in the county courthouse. Or you can search for REO properties at reozone.com There is a financial risk as well because after the research is done and the potential purchaser is prepared to go to the auction a nonrefundable cashiers check is required for normally 10 to 50 thousand dollars. It is possible to find the higher price ranges in this arena but the house may not be vacant and gaining access is sometimes difficult. Back to Top Most Bank REOs have a third-party manager who is responsible for the upkeep of the property while the bank
