sellboji

What Is Foreclosure And REO?

You can use our website to search foreclosures and contact us to set up a time to take a look or have us research some info for you. We are members of RealtyTrac which is the leading provider of foreclosure information.
The most common type of foreclosure property you'll encounter in your home search is a Real Estate Owned, or REO, property. REOs are properties that have been foreclosed and are now owned by the bank.

REOs may be vacant or in need of repair. But often they look and feel just like other homes for sale, and they're listed by a real estate agent. Although they're typically sold as-is, it's not uncommon for an REO to be in move-in condition. But the process of buying an REO is different than other home purchases.  An REO property is one that's been foreclosed on and is now owned by the bank.
 
REO properties fall into two categories:
Move-in condition: The home is in acceptable condition and not in need of rehabilitation. You could buy this property and move in quickly.
Damaged: A damaged REO generally needs repairs and rehabilitation before you can move in. These types of REOs are attractive to investors and some buyers who aren't daunted by the work involved in rehabbing a property. Often, you will get a bigger discount on damaged REO properties, but you have to consider refurbishing costs.
Where can you find REOs for sale? I have an extensive list of websites and subscriptions to find and learn about foreclosures and REO's. 
 
Just contact us.  Oddly enough, it isn't as easy as you think to spot and buy an REO.  Most banks and other mortgage institutions do a poor job of marketing these properties. 

 
Pros of buying REOs:

• Often, you'll pay a below-market price for the property.
• The process is similar to a "normal" home purchase in that you can secure financing using a traditional mortgage. (Buying an REO property is nothing like buying a foreclosure property at auction with cash.)
• You'll be able to do inspections and secure financing before completing the purchase.
 
Cons of buying REOs:


 
• Many banks will require an "as-is" purchase, and if there are problems or necessary repairs, paying for them is your responsibility.
• The process can take longer than a regular home sale.

 

Get In Touch

Local Expert Updates

Janie Eick Real Estate Professional (Real Estate Agent)

Janie Eick

Real Estate Professional

712.339.0574

712.336.4967

Matt Lippon Broker Associate (Real Estate Agent)

Matt Lippon

Broker Associate

712.330.0604

712.336.4967

Greg Sheeler Real Estate Professional (Real Estate Agent)

Greg Sheeler

Real Estate Professional

712.330.1573

712.336.4967

Community Updates

Janie Eick Real Estate Professional (Real Estate Agent)

Janie Eick

Real Estate Professional

 712.339.0574

 janie@sellboji.com

Carpet One

Spirit Lake

The beautiful Carpet One showroom in Spirit Lake features a huge selection of all the latest flooring, window coverings and more. They have certified flooring pros can get your project rolling with a

More Info
Greg Sheeler Real Estate Professional (Real Estate Agent)

Greg Sheeler

Real Estate Professional

 712.330.1573

 greg@okobojipropertygroup.com

Vintage Block Inn and Suites

Okoboji

Conveniently located near all the great Okoboji attractions, Vintage Block is a great hotel for your stay in Okoboji. The hotel offers 54 guest rooms, including 14 large family suites that can lodge

More Info
Amber Oberman  (Real Estate Agent)

Amber Oberman

 773.308.5177

 amber@sellboji.com

Be Radiant

Spirit Lake

Cathy Thee, the owner/operator of Be Radiant, does a great job of assessing what your skin needs and the results you are looking for to create a treatment plan customized just for you. She is very

More Info

Subscribe To Our Newsletter

The newsletter is sent periodically and will updated you on the latest real estate news and offers.

Your browser is out-of-date!

Update your browser to view this website correctly.

Update my browser now

×