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

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

Matt Lippon Broker Associate (Real Estate Agent)

Matt Lippon

Broker Associate

 712.330.0604

 matt@okobojipropertygroup.com

Pioneer Parents

Milford

Pioneer Parents is the governing board that serves the staff and families at Okoboji Elementary School. They are a registered PTA group with three main fundraising events: Fall Fun Night, Movie

More Info
Janie Eick  (Real Estate Agent)

Janie Eick

 712.339.0574

 janie@sellboji.com

Katy Lynn Boutique

Arnolds Park

Katy Lynn Boutique is a fabulous women's clothing store offering a wide variety of clothing, shoes, jewelry and more. Excellent customer service with all hands-on-deck in helping you find that

More Info
Matt Lippon Broker Associate (Real Estate Agent)

Matt Lippon

Broker Associate

 712.330.0604

 matt@okobojipropertygroup.com

Urban Alley

Arnolds Park

Urban Alley 321 Hwy 71 S Arnolds Park, IA 51331 Urban Alley, with a great location just a short block away from the entrance to the Amusement Park area, offers repurposed home décor, vintage

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

×