REO Properties Can Be A Hassle, But A Great Value
Sometimes the best place to look for an REO (real estate owned) property is straight from the source. The REO divisions of banks are useful resources in this quest. They are generally listed on a web site, and for thousands less than market value. These properties accumulate when homeowners default on the loan and go into foreclosure, something that has been happening in epidemic proportions lately. So, one man’s mistakes are another man’s treasure. It takes some digging, but these finds pay off big time, and lenders’ web sites can be the greatest gold mine of all.
The biggest lenders’ sites are:
-HSBC
-Regions Financial Corporation
-BB&T
As pointed out on the O.C. Register’s “Mortgage Insider” blog, the process of buying an REO property is not all roses and cheesecake. The prices that different lenders charge for similar properties in the same neighborhood can vary greatly. There is also a disproportionate amount of not-so-nice homes in not-so-great neighborhoods, but nice REOs are certainly out there to be found — especially now! The not-so-nice homes could be viewed as a great rental property investment. As the O.C. Register blog commenters pointed out, lenders currently have such a glut of foreclosures that the closing process on REOs can be disorganized, confusing and complicated. But for those with the patience and persistence to persevere, these can still offer a great value that is light on your wallet.
March 28th, 2008 at 10:23 pm
[…] Properties Can Be A Hassle, But A Great Value Joe wrote an interesting post today onHere’s a quick excerptSometimes the best place to look for […]
March 29th, 2008 at 12:35 am
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