Bank-owned properties commonly referred to REOs or real-estate-owned properties are properties taken into a bank’s inventory after a homeowner fails to make mortgage payments and a foreclosure sale results. These homes are typically sold in as-is condition. And in most cases, banks list these properties for sale through local realtors. REO homes are attractive to buyers because they are usually offered at discounted prices that are often lower than the current market value.
Additionally, the properties are normally vacant. So showings can be arranged on short notice before making an offer on an REO, consider hiring a licensed home inspector to give you an estimate of any repairs that you might need to make, and keep in mind that most banks will not provide financing on their own REOs.
Read Also: Mistakes Buyers Make in a Seller’s Market
If you choose to make an offer, keep your offer as contingency-free as possible since you will probably be in competition with other buyers for these types of properties.
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One of the reasons to call the Agardi Team if you want to buy a home or have one to sell is:
Not only do we sell our clients’ homes for more money. Faster than the average area agent, but your home is also more likely to sell. According to 2015 MLS statistics, only 71% of area homes sold during their listing term. Compare that to our 95% of homes listed that sold before the end of the listing term. YOUR HOME SOLD GUARANTEED OR WE’LL BUY IT*
To discuss the sale of your home, call The Agardi Team at 718-755-2882 and start packing!
*Agardi Team and the seller have to agree on the price and the closing date.
