Buyers Looking for REO’s

j0399557.jpgIf you are a qualified buyer seeking to purchase, consider a REO(bank owned property) There are some fantastic deals out there.

Some things you need to know.

1-You must be pre approved and ready to purchase

2-You are buying the home AS-IS

3-Generally speaking the Bank will make you perform and pay for your own inspections and many times you will need to have the utilities turned on temporarily to do inspections.

4-Some banks will present with section one , Termite , pest clearance.

5-Some may negotiate upon finding major defects on buyers inspections but know the bank is going to play hard ball.

Having stated that, there are some excellent deals out there. Further with a REO you will know if your offer is accepted relatively faster than going for a short sale. Usually REO’s can close fastly depending your situation with funds.

Don’t wait to hear from the media the bottom has been hit, it will be too late. The media gets facts that are based on factors approximately a month before.

More questions? Go to

Catherine or Terry are available to assist you in your home purchase whether it be bank owned, short sale or not.


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