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    REO - Bank-Owned Property

    If no one buys a property at a foreclosure auction it is considered "bank-owned" real estate. Banks can put in a "credit bid" and become the owners of the property and the lender's REO or "real estate owned" department prepares the property for market. The REO will usually hire a real estate broker to list the property and generally, the property is put on the market in "as-is" condition without warranties or any other protection for a prospective buyer. The asking price is determined by appraisals and a BPO - broker price opinion.
     
    Explore the market for bank-owned properties in Ada and Canyon counties - click here.

    If you are interested in bank-owned real estate, please contact us or you can do research by clicking here. Bank-owned properties are generally priced to sell and can be a good opportunity to get into a property well below market value. Here are 5 things to consider when discussing purchasing an REO or bank-owned property:
    • If an REO has recently been listed or had its price reduced, the bank will usually stay firm on the price. After an REO has been on the market 60 to 90 day’s the bank will get more aggressive about pricing and negotiation.
    • Banks typically reassess their asking price every 4 or 5 weeks so it is important to be watching as prices change. We will monitor specific properties or watch for properties in a specific price range for you.
    • As mentioned above, properties are sold "as is". An inspection can be a contingency to sale but if the bank is selling it "as is", no repairs or warranties can be being made regardless. An inspection is for your protection and is essential to making sure the property meets your expectations.
    • Track your closing date closely because many banks will write in a late fee penalty for each day you don't close past the closing date set in your offer. Make sure your agent and lender meet the deadlines.
    • Because they're usually excellent opportunities to save money, there’s a lot of competition looking for bank-owned real estate.
    Having a system and support in place to make you aware of these properties as they come on the market and when a price is changed is very important. We can do the monitoring and follow-up for you to make sure you're kept abreast of changes in the market.
     
    Contact us for a no-cost consultation or if you have questions about bank-owned properties, don’t hesitate to contact us.
     
     
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    Tags: REO  bank owned  property 


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