Purchasing a Bank Owned Property! REO (Real Estate Owned)

Purchasing a Bank Owned Property! REO (Real Estate Owned)

A real estate owned (REO) property, is a property that goes back to the mortgage company after a unsuccessful foreclosure auction.  In today's Boise, Idaho real estate market, foreclosure auctions usually result with little success. Click here for a FREE list of REO (Real Estate Owned) properties available throughout the Boise, Idaho area.

Foreclosure sales begin with a minimum bid that includes the loan balance, any accrued interest, plus attorney's fees and any costs association with the foreclosure process. In order to bid at a foreclosure auction, the buyer must have a cashier's check in hand for the full amount of the bid. If the buyer ends up as the successful bidder, they will receive the property in "as is" condition.  Call us today at 208.321.5555 for more information on the foreclosure process.

Since what is owed to the bank is almost always more than what the property is worth, very few foreclosure auctions result in a successful sale. The property then, reverts back to the bank. It becomes an REO, or (Real Estate Owned) property.  Click here for a FREE list of these bank owned properties throughout the Treasure Valley.

Let's make an offer:

Prior to moving forward on a offer, Zuber Group, A Specialized Real Estate Team, powered by Coldwell Banker Tomlinson Group will contact the the listing agent representing the bank to find out the following:

1. How soon will the listing agent deliver the offer?
2. Is there a inspection report on file?
3. Is the bank willing to remedy any repairs necessary to reach lender approval?
4. If there are any special "as is" forms or addendums that the bank requires.
5. The timeline for bank acceptance

Offers, in most cases are faxed directly to the bank by the listing agent with no formal presentation. To ensure the most efficient response, provide the bank with a pre-approval letter, copy of the earnest money check and proof of funds needing to close the transaction.  For more information, please call Craig Zuber today at 208.321.5555 or visit online at www.zubergroup.com