An REO (Real Estate Owned) occurs when a Bank takes possession of a property after a fully executed foreclosure. The Bank is not in the real estate business and in most cases is motivated to sell the property quickly.  REO’s are typically listed with Realtors for sale.

Advantages Of Purchasing An REO

• Properties will have no liens or judgments
• No homeowners or tenants to evict
• No back taxes are due
• Buyers are allowed to access the property prior to writing an offer
• Buyers are allowed to have a property home inspection
• It is possible for Buyer’s to secure conventional financing
• Lower down payments, better interest rates, reduced closing costs and a discount off the market value of the property, taken all together, make for a better than average home purchase.
• With all the legal work done, the complications of buying bank owned properties and the associated risks are removed.

Things To Remember

• The REO banks move at a snail’s pace –  if you are under a tight timeline an REO is not for you.
• The REO properties are typically sold ”AS IS”
• Rarely do REO banks make repairs or offer allowances for repairs
• Buyers with little cash available are advised to not consider REO listings.

How We Help You

Matt Kornstedt & Jennifer Stauter, REO Experts

• We Track the REO/Short Sale Market
• Provide you current and past market data on each property
• Help you Better Understand the Foreclosure Buying Process
• Be Another Set of Eyes & Ears – so You Don’t Miss Anything
• Help You Negotiate Better Sales Contract Terms
• Provide you with Area Knowledge
• Help to Negotiate a Better Price
• Share our Market Experience.

We Will Help you Make the Right Purchase at the Right Time & at the Right Price.