There are different types of foreclosure properties. In this post I'm going to answer some FAQ's about one type of foreclosure homes, Albuquerque REO homes.
What is a REO ?
REO stands for Real Estate Owned, meaning owned by the bank. The bank has foreclosed and now holds title to the property.
What are the advantages/disadvantages of buying a REO home?
One advantage of buying an REO is that you can get a great price. Once the bank owns the home they want to sell quickly and eliminate the inventory from their books. The main disadvantage is that the bank will not usually complete repairs for you.
Who can buy a REO?
Anyone who is qualified can purchase an REO whether they plan to occupy the home or rent it out.
How do you buy a REO?
Buying an REO is like buying a non foreclosure property that's listed on the MLS. There is no online bid, like with a HUD home, and there is no long waiting period like on a short sale.
How much do I offer?
You should offer close to where the price is listed. Lowball offers don't usually fly because the banks price is probably already a good deal.
The number of REO's in Albuquerque is increasing. I just did a search and found 130.
Contact me for a complete list of current REO listings.
Comments(0)