The REO Plus Column
Gabriella brings up an important point here, REOs are relatively easy to purchase..unless you get into a multiple offer situation as many REOs are now..then it gets a little complicated....and sometimes you can wait up to a week to get an answer from the bank....they sure do beat purchasing a short sale...
Written by Gabriella for Island Advantage Realty LLC
I like to make lists with pluses and minuses.
There's something deeply satisfying about the clarity that it brings. Whenever I begin to work with a new client I like to make them aware of the many pluses to purchasing REO property. Probably the most widely recognized plus to REO property is its affordable price tag. REO homes sell for fair market value minus the costs of necessary repairs, making them highly affordable.
Another plus to purchasing REO properties is the fact that you can thoroughly inspect the property before making an offer. This option isn't available in a lot of other non traditional home buying methods.
Additionally REO properties tend to have a very quick escrow. All of the negotiation is usually complete by the time the property goes to escrow and accordingly it is a shorter time before the home actually becomes yours.
There are many reasons to buy REO property. If you are interested please contact Island Advantage Realty LLC, we are the recognized leader in REO property for the Metro New York and Long Island areas, and we would be happy to show you the REO property plus column.
The advice and tips offered in this blog are intended to be solely informational and do not apply in all circumstances. Make sure that you consult a real estate professional, financial consultant, attorney or accountant before taking any action. For further information or questions please contact Gabriella@IARNY.com
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