LONG REALTY GROUP Your Tri-County Real Estate Experts
 

Foreclosures


Foreclosed properties have been sweeping our nation’s housing market by storm, bringing down property values and dislocating families.  But many buyers see a once in a lifetime opportunity, being able to buy properties at ultra low prices.  Despite economic fears and the struggling housing market, this may be an ideal time to think about the dream of first-time home ownership.  Here are some tips to consider when buying a foreclosed home:

  • Investigate the advantages. Since a bank or other lender want to recover as much of its investment as quickly as possible, foreclosed homes are often unloaded at significant discounts.
  • Find an agent experienced in foreclosures. As a buyer, you have the ability to have a State Licensed Professional represent you for FREE! Some sellers won't accept offers from unrepresented buyers. Have your agent check nearby or comparable homes to see if the asking price for a foreclosed home is in fact a bargain.
  • Tour the property and inspect it as closely as possible. Some foreclosures--unlike fixer-uppers--are in fairly good shape. Others may be in need of maintenance.
     

What's an REO?

REO stands for "Real Estate Owned". This term is used interchangeably with “Foreclosed Property.” Although these terms have subtle differences in meaning; from an industry standpoint they are synonyms, similar to HUD and V.A. homes. Regardless of what name their called, they are all properties that were acquired as a direct result of the previous owner defaulting on their mortgage.


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