Working with Reo's and foreclosures.

By
Real Estate Agent with Rector Hayden Realtor
Reo's or bank owned property is finally becoming more realistic.  However there are some banks out there that still think they can over price their properties. As an investor reo's or foreclosures seem to be the best way to gain a property with a clean title.  Short sales on the other hand can be very tricky.  If the seller has put an equity line on the property or a second mortgage you then have to deal with two lenders.  If it is new construction going into foreclosure you usually have to deal with mechanic liens.  Sometimes I feel it is best to have it go through foreclosure and have all the liens removed.
close

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Tags:
real estate
foreclosures
short sales
realestate
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reo sales
trica winter
nicholasville realtor

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Rainer
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Brian Hoots
Real Living Speckman Realty, Inc. - Bourbonnais, IL
Tricia, welcome to Active Rain.  Great to have you here.
Mar 09, 2008 04:23 PM #2
Rainmaker
559,228
Keith Elliott Jr
KEIRE Realty Group - Manassas, VA
Principal Broker/Owner

Hello Tricia,

Welcome to Active Rain and congrats on your first post! The opportunities to learn and network are incredible here. Best of luck to ya!

-Keith

Mar 09, 2008 05:07 PM #3
Rainmaker
834,409
The Trumm Team Omaha Homes for Sale, Real Estate
Keller Williams Greater Omaha - Omaha, NE

Welcome to ActiveRain!

If you would like a few tips on getting the most out of ActiveRain, please visit my blog Welcome to Active Rain.  It has a few simple steps of what to do now that you have joined.

If you ever have any questions, just let me know.

Troy Trumm
Mar 10, 2008 02:09 AM #4
Rainer
61,433
Dorene Shirley
The Mortgage & Property Connection - Campbell, CA
Silicon Valley Real Estate
Tricia- Welcome to the Rain, make sure that you browse the site and become familiar with everything this site has to offer.  The more you browse the more you will learn.  I have found this site to be really helpful to me.  If you have any questions, please don't hesitate to email me, I will do whatever I can to help you.   Keep Posting!

http://www.doreneshirley.com/

Mar 10, 2008 02:23 AM #5
Ambassador
2,135,266
Respect Realty LLC
Respect Realty LLC - Milwaukie, OR
Brokers - Oregon / SW Washington Real Estate

You are right with the leans showing up at title can be tricky, I usually have my sellers sign something before I take the listing saying there won't be any surprises at closing. In the past two years, because I do this, I have been lucky and have had the sellers tell me about every loan on the property and have had no last minute phone calls to make.

Good luck and look forward to reading future posts from you,

Mar 10, 2008 03:01 AM #6
Rainmaker
194,673
Leo Namiot
Canopy Mortgage - Jacksonville, FL
Outstanding Service & Great Rates

Hello Tricia,

   Welcome to active rain, it's a great online community. Enjoy!

 Leo Namiot

Benchmark Mortgage

Connecticut Mortgage Lender

http://www.benchmarkct.com/

Mar 10, 2008 04:26 AM #7
Rainmaker
134,106
Rick Sergison
EXP Realty of Canada Inc., Brokerage - Pickering, ON
Durham Region Real Estate Blog

I just stopped by to welcome you to Active Rain. I hope that you find it a great benefit to your business and that you see the value that I have also found here. I am from Charlottesville Virginia and using Active Rain has really increased my business!

My main blog on Active Rain is here: Charlottesville Real Estate Blog, not the link at the bottom of this post.

I hope you will look into the many groups as there are some great group both local and broad based,....

enjoy!

Mar 12, 2008 10:40 AM #8
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Tricia Winter

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