Listing distressed REO bank foreclosures...beware the dangers!

By
Real Estate Agent with ADVANTAGE REAL ESTATE, serving Lincoln County 200509394

Agents who list foreclosed REO properties know that an empty house attracts vandalism, even if the home has nothing left to take. One of the most frightening aspects of the foreclosure listing is your first visit to the property. Do not go alone! Call the police if there is evidence the property is occupied or vandalized. Talk to neighbors, ask if they see people going in and out.

crawlspace

Even if the home looks empty, check all around the exterior before going in.  Raccoons and skunks love an open crawlspace, I have seen them running out when I stomped my foot inside the house.

broken deck

When listing a distressed bank owned REO,  a copy of  a "Hold Harmless agreement" is sent by me to agent and buyers, signed and returned prior to showing. You can clearly see why! Keep eyes and ears open for soft spots in the floors and watch for tripping hazards. 

There can be great opportunity to rehab and resell or live in a home like this, if home is listed with care, and priced to sell.

 

Posted by

Your Coastal Realtor in Oregon

Comments (5)

John Pusa
Berkshire Hathaway Home Services Crest - Glendale, CA
Your All Time Realtor With Exceptional Service

Barbara Le Pine very valuable report about the danger of listing distress REO bank properties.

Mar 08, 2019 06:12 PM
Endre Barath, Jr.
Berkshire Hathaway HomeServices - Beverly Hills, CA
Realtor - Los Angeles Home Sales 310.486.1002

Barbara, great advice, now in my market it has been over seven years since we saw REO's but your post is still spot on, Endre

Mar 08, 2019 11:52 PM
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Barbara, good advice, as we see lots of vandalism with these type of properties.

Mar 09, 2019 09:06 AM
Michael Jacobs
Pasadena, CA
Los Angeles Pasadena 818.516.4393

Hello Barbara - there are moments in life that require each of us to be even more aware and entering a vacant home is one of those times.  Not to be an alarmist but things happen.  It takes just a moment to think then proceed if safe.  

Mar 09, 2019 09:54 AM
Barbara Le Pine
ADVANTAGE REAL ESTATE, serving Lincoln County - Newport, OR
Your agent for the Central Oregon Coast!

Hello Michael, Joan, Endre and John,

Thanks so much for your comments! We are still seeing some REO activity here on the OR coast, I always take a buddy with me for safety, these types of listings can be scary by yourself!

Mar 11, 2019 09:27 PM

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