Buying REO property or a foreclosure in Thomasville?


	Investing in a bank-owned property is not something to be taken lightly. For more information, simply contact me through my site or e-mail me. I'm glad to address questions you have regarding real estate foreclosures.

What's an REO?

"REO" is short for Real Estate Owned. These are properties which have been foreclosed upon and are currently owned by the bank or mortgage company. This is different than a property up for foreclosure auction. HEPLER REALTY LLC has experience to share with foreclosures and bank owned properties in Thomasville, North Carolina

HEPLER REALTY LLC has experience to share with foreclosures and bank owned properties in Thomasville, North Carolina

If you buy a property during a foreclosure sale, you must pay at least the loan balance plus any interest and other fees added during the foreclosure process. The buyer must also be ready to pay with cash in hand. And on top of all that, you'll get the property totally as is. That possibly will include standing liens and even current residents that need to be expelled.

A bank-owned property, conversely, is a more tidy and attractive deal. The REO property didn't find a buyer during foreclosure auction. The lender now owns it. The lender will see to the elimination of tax liens, evict occupants if needed and generally organize for the issuance of a title insurance policy to the buyer at closing.

Note that REOs may be exempt from normal disclosure requirements. For example, in California, banks do not have to give a Transfer Disclosure Statement, a document that ordinarily requires sellers to reveal any defects they are knowledgeable of. By hiring HEPLER REALTY, you can rest assured knowing all parties are fulfilling North Carolina state disclosure requirements.

Is REO property in Thomasville a bargain?

It's occasionally presumed that any REO must be a good deal and a possibility for guaranteed profit. This often isn't true. You have to be cautious about buying a REO if your intent is profit from the sale. Even though the bank is typically anxious to sell it fast, they are also motivated to get as much as they can for it.

HEPLER REALTY LLC has experience to share with foreclosures and bank owned properties in Thomasville, North Carolina

When contemplating the value of REO property, carefully analyze comparable sales in the neighborhood and be sure to take into account the time and cost of any repairs or remodeling needed to prepare the house for resale. There are bargains with potential to make money, and many people do very well flipping foreclosures. However there are also many REOs that are not good buys and not likely to turn a profit.

All set to make an offer?

Most lenders have staff dedicated to REO that you'll work with while buying REO property from them. To get their properties advertised on the local MLS, the lender will usually use a listing agent.

Prior to making your offer, you'll want us to contact either the listing agent or REO department at the bank and learn as much as we can about what they know about the condition of the property and what their process is for taking offers. Since banks almost always sell REO properties "as is", you'll want to be sure and include an inspection contingency in your offer that gives you time to check for hidden damage and withdraw the offer if you find it. As with making any offer on real estate, your offer may be more attractive if you can include documentation of your ability to pay, such as a pre-approval letter from a lender, or proof of funds if a cash deal.

After we have presented your offer, it's customary for the bank to make a counter offer. At this point it will be up to you to decide whether to accept their counter, or submit another counter offer. Your deal could be final in one day, but that's usually not the case. Since offers and counter offers usually give the other party a day or longer to respond (and employees at a bank don't work nights or weekends) you could be looking at a week or longer. We are used to working around the schedules of this type of seller and will do everything possible to ensure there are no undue delays.