REOs

What is it? When the lender forecloses on a property and no-one bids the minimum (usually the amount of the note), then the lender takes possession. It is now non-performing Real Estate Owned.

Lenders have a lot of pressure from stockholders and regulators to move these properties quickly. They frequently list the properties below market so that they get a lot of offers quickly. Typically, after a few days, they will select the strongest offer.

There are some great deals but you must be prepared. We can help.