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Buying a Foreclosure or REO Property

REO's or Real Estate Owned are properties that have completed the foreclosure process and are presently possessed by the bank or mortgage company. This is not the same as real estate up for foreclosure auction. If you buy a property during a foreclosure sale, you must pay at least the loan balance plus any interest and other fees amassed during the foreclosure process. You must also be ready to pay with cash in hand. And on top of all that, you'll receive the property completely as is. That might include standing liens and even current tenants that may require expulsion.

A REO, by contrast, is a much cleaner and attractive deal. The REO property was unable to find a buyer during foreclosure auction. Now the lender owns it. The bank will handle the elimination of tax liens, evict occupants if needed and generally organize for the issuance of a title insurance policy to the buyer at closing. Take notice that REOs may be exempt from typical disclosure requirements. For example, in California, banks are exempt from giving a Transfer Disclosure Statement, a document that typically requires sellers to make known any defects of which they are aware.

Buying a foreclosure or an REO can be tricky to navigate, but we are here to help! Contact RE/MAX Premier Investment Team, your local community real estate experts, today at at 910-354-2628, or email us at PremierInvestmentTeam@gmail.com

 


Search Foreclosures and REO Properties in Cumberland County


Cities: Fayetteville
Hope Mills
Spring Lake
Linden
Falcon
Wade
Godwin

Stedman

Zip Codes: 28301 28302 28304
28305 28306 28309
28311 28312 28314
28331 28342 28348
28391 28395 28390
28356



Search Foreclosures and REO Properties in Harnett County


Cities: Lillington
Dunn
Erwin
Bunnlevel
Buies Creek
Coats
Kipling
Mamers
Olivia

Zip Codes: 28334 28335 28339
27546 27506 28323
27521 27543 27552
28368



Search Foreclosures and REO Properties in Hoke County


Cities: Raeford

Zip Codes:  28376

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