Interested in REO property or a foreclosure in Cambridge?


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

What's an REO?

"REO" stands for Real Estate Owned. These are houses which have been through foreclosure and are now held by the bank or mortgage company. This differs from a property up for foreclosure auction. RE/MAX Real Estate Partners has experience to share with foreclosures and bank owned properties in Cambridge, Ohio

RE/MAX Real Estate Partners has experience to share with foreclosures and bank owned properties in Cambridge, Ohio

When buying 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. You must also be prepared to pay with cash in hand. Finally, you'll get the property 100% as is. That possibly may include prevailing liens and even current occupants that may require eviction.

A bank-owned property, on the other hand, is a much neater and attractive deal. The REO property was unable to find a buyer during foreclosure auction. The bank now owns it. The lender will attend to the elimination of tax liens, evict occupants if needed and generally arrange for the issuance of a title insurance policy to the buyer at closing.

Do be aware that REOs may be exempt from normal disclosure requirements. For instance, in California, banks do not have to give a Transfer Disclosure Statement, a document that typically requires sellers to make known any defects they are informed of. By hiring RE/MAX Real Estate Partners, you can rest assured knowing all parties are fulfilling Ohio state disclosure requirements.

Am I guaranteed a low price when buying an REO property in Cambridge?

It is occasionally thought that any REO must be a good buy and an opportunity for guaranteed profit. This isn't always the case. You have to be very careful about buying a REO if your intent is to make money off of it. While it's true that the bank is typically eager to offload it fast, they are also motivated to minimize any losses.

RE/MAX Real Estate Partners has experience to share with foreclosures and bank owned properties in Cambridge, Ohio

Look carefully at the listing and sales prices of competing homes in the neighborhood when making an offer on an REO. And factor in any repairs or upgrades necessary to prepare the house for resale or moving in. The bargains with money making potential exist, and many people do very well flipping foreclosures. Still, there are also many REOs that are not good buys and may lose money.

Ready to make an offer?

Most mortgage companies have staff dedicated to REO that you'll work with when buying REO property from them. To get their properties advertised on the local MLS, the lender will usually contract with a listing agent.

Prior to making your offer, you'll want to contact either the listing agent or REO department at the bank and find out as much as you can about their knowledge about the condition of the property and what their process is for accepting offers. Since banks almost always sell REO properties "as is", it's often prudent to include an inspection contingency in your offer that gives you time to check for unseen damage and terminate the offer if you find it. As with making any offer on real estate, you'll make your offer more attractive if you can include documentation of your ability to pay, such as a pre-approval letter from a lender.

Once you've presented your offer, it's customary for the bank to make a counter offer. At this point it will be your choice whether to accept their counter, or submit another counter offer. Your deal might be settled in one day, but that's usually not the case. Since offers and counter offers usually give the other party a day or longer to respond (and employees at a bank don't work nights or weekends) you could be looking at a week or longer. RE/MAX Real Estate Partners is used to working around the schedules of this type of seller and will do everything possible to ensure there are no unnecessary delays.