Buying REO property or a foreclosure in Edmond?


	Foreclosed upon and bank owned property purchases require the assistance of an experience professional. For more information, simply contact me through my site or e-mail me. I'm happy to address questions you have about real estate foreclosures.

What is an REO?

"REO" or Real Estate Owned are homes which have completed the foreclosure process that the bank or mortgage company currently owns. This is different than real estate up for foreclosure auction. The Nevius Team has experience to share with foreclosures and bank owned properties in Edmond, Oklahoma

The Nevius Team has experience to share with foreclosures and bank owned properties in Edmond, Oklahoma

If you buy a property during a foreclosure sale, you must pay at least the loan balance plus any interest and other fees added during the foreclosure process. The buyer must also be willing to pay with cash in hand. To top everything off, you'll get the property completely as is. That possibly could consist of standing liens and even current denizens that may require eviction.

A bank-owned property, on the contrary, is a much cleaner and attractive proposition. The REO property didn't find a buyer during foreclosure auction. Now the lender owns it. The lender will see to the removal of tax liens, evict occupants if needed and generally arrange for the issuance of a title insurance policy to the buyer at closing.

Take notice that REOs may be exempt from standard disclosure requirements. For instance, in California, banks do not have to give a Transfer Disclosure Statement, a document that typically requires sellers to disclose any defects of which they are aware. By hiring The Nevius Team, you can rest assured knowing all parties are fulfilling Oklahoma state disclosure requirements.

Am I guaranteed a low price when buying a bank owned property in Edmond?

It is occasionally thought that any foreclosure must be a bargain and an opportunity for easy money. This simply isn't true. You have to be prudent about buying a REO if your intent is make money. While it's true that the bank is typically anxious to offload it fast, they are also looking to get as much as they can for it.

The Nevius Team has experience to share with foreclosures and bank owned properties in Edmond, Oklahoma

When contemplating the value of REO property, you need to look closely at comparable sales in the neighborhood and be sure to take into account the time and cost of any repairs or remodeling needed to prepare the house for resale. The bargains with money making potential exist, and many people do very well buying and selling foreclosures. But there are also many REOs that are not good buys and may lose money.

Time to make an offer?

Most mortgage companies have a department dedicated to REO that you'll work with in buying REO property from them. Usually the REO department will use a listing agent to get their REO properties listed on the local MLS.

Before making your offer, you'll want to contact either the listing agent or REO department at the bank and discover as much as you can about what they know about the condition of the property and what their process is for getting offers. Since banks most commonly sell REO properties "as is", it's often prudent to include an inspection contingency in your offer that gives you time to check for unknown damage and withdraw the offer if you find it. If, as a buyer, you can provide documentation proving your ability to pay, such as a pre-approval letter from a lender, your offer will be more attractive and likely be accepted. (This goes for any type of real estate offer.)

Once you've presented your offer, you can expect the bank to counter offer. From there it will be up to you to decide whether to accept their counter, or submit another counter offer. Realize, you'll be working with a process that generally involves multiple people at the bank, and they don't work evenings or weekends. It's not unusual for there to be days or even weeks of going back and forth. The Nevius Team is are used to working around the schedules of this type of seller and will do everything possible to ensure there are no unnecessary delays.

We are never too busy to help you or someone you might refer to us. If you know of someone who would appreciate our services, please call us with their name and number and we will be happy to follow-up and take great care of them.

All information in this site is deemed reliable but is subject to verification.