REO is said to be the property that failed to be sold in an auction, hence the property has already gone back to its owner and the mortgage no longer existed. The lender settles eviction tax liens and the dues from the home. The buyer receives the tittle insurance policy.
The bank or the mortgage company of the bank foreclose on a property . The lender finally gets clear of the hassles and finally hires a local real estate agent. The lender then tries to recover almost all of the money lent on the property.
All banks work differently but would like to sell the property on as is condition. Banks hire realtors to evict tenants, perform inspection and takes care of the necessary repair of the property.
Few investors are willing to buy a house more that its worth in today's economy because most foreclosed properties require a lot of repair and make over. It makes a lot of sense not to purchase the house above its market value due to the facts that foreclose properties requires a lot of repair. That is why , wise investors would wait for the properties to revert to the bank.
Banks do not want to own property, which is not what they are set up for. Basically, an REO is the sign of a bad loan that was given by the bank and the REO is a liability, not an asset. Every month that a bank owns a piece of property means they are losing money. - 26221
The bank or the mortgage company of the bank foreclose on a property . The lender finally gets clear of the hassles and finally hires a local real estate agent. The lender then tries to recover almost all of the money lent on the property.
All banks work differently but would like to sell the property on as is condition. Banks hire realtors to evict tenants, perform inspection and takes care of the necessary repair of the property.
Few investors are willing to buy a house more that its worth in today's economy because most foreclosed properties require a lot of repair and make over. It makes a lot of sense not to purchase the house above its market value due to the facts that foreclose properties requires a lot of repair. That is why , wise investors would wait for the properties to revert to the bank.
Banks do not want to own property, which is not what they are set up for. Basically, an REO is the sign of a bad loan that was given by the bank and the REO is a liability, not an asset. Every month that a bank owns a piece of property means they are losing money. - 26221
About the Author:
Find the fast and easy way in making millions thru REO Investing and take advantage of a key tool in finding the best deals for Bank REOs. A comprehensive listing is made available for you at www.reogoldminer.com.
0 comments:
Post a Comment