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Buying Foreclosures (bank owned) properties
There is a lot of interest in buying foreclosures these days. A lot of information, some good and some bad, is floating around about the subject.   I am a Foreclosure specialist and I can help guide you with accurate information on how to purchase a foreclosure.

What’s an REO?
REO stands for “Real Estate Owned” and it is a Foreclosure.  These are properties that have gone through foreclosure and are now owned by the bank or mortgage company.  This is not the same as a property up for foreclosure auction.  When buying a property at foreclosure sale (at courthouse steps), you must pay at least the loan balance plus any interest and other fees accumulated during the foreclosure process.  You must also be prepared to pay with cash in hand.  And on top of all that, you’ll receive the property 100% “as is”.  That could include existing liens and even current occupants that need to be evicted.  Only experienced investors are advised to make these types of purchases.  A REO property, by contrast, is a much “cleaner” and attractive transaction for traditional buyers.  The bank now owns the property and will ensure all tax liens are removed, evict occupants if needed and generally prepare for the issuance of a title insurance policy to the buyer at closing. 

 Is it a bargain?
It’s commonly assumed that any Foreclosure must be a bargain and an opportunity for easy money.  You have to be very careful about buying a Foreclosures if your intent is to make money off of it.  When considering the value of a Foreclosure, you need to look closely at comparable sales in the neighborhood and be sure to take into account the time and cost of any repairs or remodeling needed to prepare the house for resale.  Keep in mind, the property condition is normally taken into account with the property is placed for sale. 

Ready to make an offer?
Contact me for assistance.  Remember, all foreclosures are sold "as is".  I can advise you on the property condition, inspection process, etc. so that you can make a sound decision.   As with making any offer on real estate, you are required to provide documentation of your ability to pay, such as a pre-approval letter from a lender or proof of cash.  After you’ve made your offer, you can expect the bank to make a counter offer.  Then it will be up to you to decide whether to accept their counter, or offer a counter to the counter offer.  Realize, you’ll be dealing with a process that probably involves multiple people at the bank, and they don’t work evenings or weekends.  It’s not unusual for the process of offers and counter offers to take up to 7 business days.

What if a home needs Repairs?
Don’t walk away from a perfect home just because it needs some TLC!!! You may qualify for a FHA Renovation/Rehab loan.

With this loan, a borrower can purchase or refinance a home and include additional money for repairs and/or renovations - in one loan with one closing! Standard FHA guidelines apply meaning a minimum down payment of 3% of the loan amount is required.

The FHA 203k Rehab loan can be used toward: 

• Replace Roof
• Foundation Repair
• New Flooring
• Replace Furnace & AC
• Upgrade to Central Air if none in house
• Repair Termite or Moisture Damage
• Energy Efficiency Improvements
• Paint Interior or Exterior
• Handicap Accessibility
• Remodel Kitchen
• Remodel Bath
• Room Addition (upwards)
• Landscaping