Making Offers & Buying a Bank Owned Property or REO - James H. Graff 732.500.6883

Bank owned properties - commonly referred to as "REO"s or "Real Estate Owned" properties - are properties taken into a bank's inventory after a homeowner fails to make mortgage payments and a foreclosure sale results. https://JGraff.AdvisorsMortgage.com These homes are typically sold in "as is" condition and, in most cases, banks list these properties for sale through local realtors. REO homes are attractive to buyers because they are usually offered at discounted prices that are often lower than current market value. Additionally the properties are normally vacant so showings can be arranged on short notice. Before making an offer on an REO, consider hiring a licensed home inspector to give you an estimate of any repairs that you might need to make and keep in mind that most banks will not provide financing on their own REOs. If you choose to make an offer, keep your offer as contingency free as possible since you will probably be in competition with other buyers for these types of properties.