Bank Owned (R.E.O.)
For some, a Bank Owned property (also called an REO) is ideal because sometimes you can get a "deal." However keep in mind, that many properties that have gone through a foreclosure have been unoccupied ("shut down" no a/c, no water, no one to monitor whether or not there is a roof leak) for quite some time, up to 2-3 years and by the time they hit the market, they're a mess. Sometimes you will get lucky and find an REO that has been taken over by a bank that has spent some money cleaning up (and fixing up) their properties before listing them, even putting in new appliances and replacing roofs. Keep in mind you may be up against cash-weilding investors looking for properties to fix up and flip and it's not unusual to see a multi-offer situations. What is available now is listed below. To find out more about buying a distressed property, please call me to discuss what to expect.