Northern Virginia Foreclosures, Bank Owned Homes, and REO Property for Sale Search
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Nine Major Selling Points to REO Homes
REO stands for real estate owned. These are properties that have finished going through the foreclosure process. Nobody wanted to buy the home at auction. As a result, the bank now owns the home. If you’re looking to purchase a real estate owned home, you’re in the right place.
Here are nine major selling points to buying an REO property.
1) The Property Will Not Have Any Liens
The property will not have any liens and the taxes will be paid. This gives you a blank slate wherein you can start from fresh. Once the property is in the bank’s hands, the bank will pay any existing lean and/or taxes on the property before they list it.
2) Properties Can Be Inspected Before You Sign the Contract
Many foreclosed homes are sold at auction. Homes that are sold in this manner do not give the potential homebuyer the opportunity to inspect the home before they buy it. It’s not in the nature of the auction process. However, REO properties are sitting in the bank’s hands and give you ample time to hire a home inspector and check it out before your name assigned to a contract.
Many of these homes don’t have the utilities turned on. If you hear the term “winterize,” then this means that the utilities have been turned off and you will need to get them turned on to complete the inspection. The inspection looks at a lot more than just the condition of the walls or the foundation. They look at the lights, the wiring, the plumbing and more. Utilities include more than just electricity. They also include plumbing. Turning these on may imply an additional cost that you may be responsible for.
3) REO Properties Are Typically Restored to a Ready Salable Condition
Many foreclosures are in deplorable, horrible condition. The original owner was forced out of the home because he or she could not afford payments. When someone can afford payments, they typically cannot afford to keep up with periodic maintenance costs. Banks often recognize this and invest just enough money in the house to make it livable.
4) Banks Will Typically Offer Financing with Better Deals
Generally speaking, banks don’t like to have foreclosures on their books. They want to get rid of them as quickly as possible. This mindset gives you some room for a possible discount and/or the possibility that the bank will give you a better financing deal than they will with traditional properties.
5) Banks Will Often Provide an Allowance for Certain Repairs
On the off chance that the bank did not invest enough money in the house to make it livable, banks will typically give you an allowance for certain repairs to be made to make it livable. Remember, their goal is to sell the house.
6) You Can Save Money in Your Title Search
If you use the same title company that the lender used during the foreclosure, you can often get a discount as high as 100 percent on your title search. Since the search has already been done, all you’re looking for are the results.
7) REO Properties Usually Get Listed with Your Local MLS
Bank owned properties are usually listed with your local MLS (multiple listing service). If they aren’t listed there, you can always check out the bank’s website. These provide ways for you to your hands on that “diamond in the rough” and get the home that you want at a discounted rate.
8) These Properties Will Often Include Appliances
The home is vacant by the time the bank owns it. While you may find things in less-than-pristine condition, you may also find that these homes include appliances. This provides an opportunity for you to save even more money than you may have are initially counted on.
9) You May Be Able to Close at a Significant Discount
When the market is hot, you may not notice the difference in the prices of a real estate owned property and a traditional property being sold by a homeowner. However, in slower markets you may notice a significant discount being offered by the bank when compared to the property’s market value. Picking up homes at a lower cost like this is what often entices people to look at foreclosed homes to begin with.
Banks and lenders do not like having foreclosed homes on their books. They’re trying to get rid of these as fast as possible. This opens the door to several negotiating tactics that you may be will use to either lower the price or get them to pay for repairs. Although you may get it at a discount, don’t think that the bank will do anything to get rid of it. Their goal is to lose the least amount of money as possible. Simply having a foreclosure on their books means they’ve already lost money on the property, so don’t look for a 50 percent discount. It’s much more common for you to see discounts in the 10 percent to 20 percent range.
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