Foreclosure and Bank-Owned Homes |
Our housing market consists of 3 types of inventories:
1.Traditional / Regular Sale
2. Short Sale Properties
3. REO or Bank-Owned Homes.
Most people are familiar with the first type. For more information on Short Sale, please go to Short Sale Overview and Information.
The third type of property is called Real Estate Owned or Bank-Owned Homes.
These homes are properties that are taken over by lenders/banks as result of foreclosures. They are previously being sold at the trustee sale. When they remain unsold, these properties are being put back on the market as bank-owned properties.
Buying a REO properties take a different set of skills. Many bank-owned properties are priced below market; therefore, attracting multiple offers from different buyers.
We apply different strategies when working with bank-owned homes. I have the pleasures of representing many clients who successfully get their offers accepted in the midst of multiple offer situations.
I'll be happy to provide you with testimonials from these happy buyers.
