Today's Real Estate Market may be bad for some but for those of you looking to buy a home then you have a wonderful opportunity to own a home or investment property at a price well below current market value.
There is a lot of hype surrounding buying pre-foreclosure property, but to most this is difficult and often disappointing route to finding a bargain property. The truth is that most pre-foreclosure homes have been financed way above todays realizable value and the lender is not prepared to come down that low at that stage. Typically these homes also have a second or junior lien holder who is desperately trying to hold onto the value in their loan. So no this is not the way to go.
REO or Bank Owned property is a far better route with almost guaranteed success in purchasing a property at well below market value. These homes already gone through the foreclosure process and are now wholly owned by the bank, who does not want to keep them on their books for very long. They are also usually only interested in trying to recoup what was owed to them, remember the second or junior lien holder has already lost their stake in the property. The result is that you save a huge amount of money.
Making an offer for an REO or Bank Owned property is also a much simpler process with acceptance usually taking around 48 hours and close can be as quick as you want. The secret is finding an agent who works for the Banks and has access to their Bank Owned property they will then be able to help you view, select and finalize the paperwork. Making the whole process simple and quick.
If you want further information then please contact me, Andy Shellcross, an experienced REO agent. I will provide details of property in your area and help you negotiate with the bank to get the bargain property you have been looking for.
Andy Shellcross - Bank Owned REO and Foreclosure Expert
Tel: 888-640-2346 xt 301
ashellcroos@revironrealty.com
Comments(0)