Buying REO Properties.
There are mainly two types of the REO properties, Bank owned REO and the VA and HUD. The bank owned REO costs more than $50,000 to the bank. A buyer can offer 70-80% of the total mortgage loan balance to the bank. The banks will accept the offer to sell the properties below the appraised value because the banks also want to remove the entries in the books by reducing the inventory level. If a buyer or an investor comes across such an offer then he or she must not miss this opportunity. The buyer must offer the bank without wasting any time because it is possible that if a property is in good location then its demand may increase and other buyers may bid more than the asking price
I educate myself to better assist you!
Muhammad Mushtaq
Principal Broker and Realtor (MA & RI)
REO Default Certified Professional (RDCPro) Loss Mitigation Certified Professional (LMCPro)
S.B & A Realty Group, Inc. 10 Purchase St, Suite 301 Fall River, MA 02720 Off: (877) 616-0330 Ext. 601 Cell: (508) 982-4824 www.sbarealty.com
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