By Scott Akerley
REO properties are properties that are owned by a bank or lender. The property reverted back to the bank after the property was foreclosed upon and then failed to sell at auction. These properties are a hot commodity right now as roughly half of the foreclosures going to auction are reverting to REOs. More and more people are seeing that they can get a great discount on an REO property and still enjoy a buying process that is very similar to buying a home in the traditional fashion.
REOs offer viewings and inspections just like traditional home buying; the big difference is really in the price and the closing procedures. REOs come with a very strict and tight timeline. Most REOs have a 30 closing, in some states it can be 45 days, either way banks are not willing to be flexible.
If you want to take advantage of the great REO properties that are available you need to make sure that you have escrow officers who have successfully dealt with REOs for years. You don't want to risk being someone's REO learning experience. Make sure that you only deal with experienced experts such as Glen Oaks Escrow, and then enjoy the benefits of a smooth REO closing.