reo: Buying a Columbus, GA Bank Owned Home?
- 01/09/13 08:55 AM
In our Columbus, GA/Phenix City, AL area market “Bank-Owned Homes” are usually described as “Foreclosures”. Even though the terms are used interchangeably here and in other places, there is a difference. The difference between a “Foreclosure” and a “Bank-Owned Home” may be technical, but important to understand. Foreclosures are properties that are auctioned off in a court process. A bank-owned home, on the other hand, is one that has reverted to the mortgage issuer: a bank. A foreclosure can change hands with the bang of the auctioneer’s gavel: it’s a cash-in-hand situation, carrying all of the excitement (and risk) of any … (0 comments)
reo: Selling Decision - Short Sale vs Foreclosure
- 01/09/13 05:11 AM
For bargain-hunters looking over 2013’s first listings of foreclosed homes for sale in the Columbus, GA/Phenix City, AL area, the opportunities speak for themselves. Throughout 2012, the size of that selection of Columbus, GA area foreclosure varies. But no matter how large that increase or decrease turns out to be in 2013, in addition to representing a unique opportunity to potential buyers, each one also posed a substantial decision for the departing homeowner. The question each homeowner faced was whether to attempt to short sell or to allow their property to be foreclosed upon. Choosing the most positive outcome means shedding … (0 comments)
reo: REO Investment: Cash Cow or Cash Drain?
- 07/18/12 12:59 PM
Novice and professional investors find themselves in competition over Columbus, GA REO and foreclosure opportunities. The goal of building a long-term, profitable investment is the same for both groups, but the professionals have an institutional advantage. They have systems in place and experienced personnel who bring a high degree of confidence to their estimates of the financial tradeoffs for any candidate property. Novices have to rely on their own calculations. For readers unsure of that 'REO' expression, it's an acronym that is short for 'real estate owned.' Not very illuminating, is it? What most people mean when they describe a local REO is … (3 comments)
In our Columbus, GA/Phenix City, AL area market “Bank-Owned Homes” are usually described as “Foreclosures”. Even though the terms are used interchangeably here and in other places, there is a difference. The difference between a “Foreclosure” and a “Bank-Owned Home” may be technical, but important to understand. Foreclosures are properties that are auctioned off in a court process. A bank-owned home, on the other hand, is one that has reverted to the mortgage issuer: a bank.
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