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ABOUT REO |
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What is REO?
REO stands for "Real Estate Owned". In simple terms: Bank Owned Property. Property that has been foreclosed on and was not sold at auction, typically will get listed with a Real Estate agent who specializes in selling & marketing REO (Bank Owned Property). The property is marketed via traditional methods and the sale is similiar to buying any other house you see on the market with some differences:
- REO is sold "as-is, where-is" most of the time.
- Typically there are no "I need to sell my house first" contingencies allowed.
- Some banks do not allow changes to the P&S (Sales Contract)
- To submit an offer, buyer must have Full Pre-Approval Letter
- Usually there is a Minimum Deposit amount
- Bank may charge you a per-diem if you don't close when you say you will.
- Most REO's are Fixer-uppers or needs some type of cosmetics.
If your interest in REO, you've come to the right place. I am a licensed Realtor who happens to be a NRBA member (National REO Broker Association) specializing in REO property. So while, some real estate agents may be able to tell you 1 or 2 properties that are REO in their market... I know where ALL of them are in Massachusetts! Better yet, if your on my mailing list, or contact me to let me know what your looking for, I may be able to give you a heads up on an upcoming property that is going to be listed... Before anyone else knows!!
Typically it takes 3-4 weeks for us to prepare an REO for marketing. The bank asks for an opinion of value from a Real Estate agent, sends in an appraiser, gets someone to clear out any trash that may have been left behind, gets an estimate of repairs, etc. During this time, I typically give my buyers & investors a heads up WELL BEFORE the property is ever listed.
This give you first dibs on the property. Your appointment is scheduled in advance & you get in the same DAY it gets listed, before anyone else even knows it (including other agents!) This means by the time other agents are "getting ready" to call their buyers to see if they are interested, you would have already seen the property and potentially submitted an offer!
What about Foreclosures?
Do you think you might want to just visit the foreclosure auction and try your luck there? No Problem! If you need assistance and want us to accompany you to a particular foreclosure auction, let us know. We will pre-register you as our buyer with the Auctioneer and will accompany you to the auction. If you have any questions before, during or after we will be happy to assist you!. Please note that most foreclosure auctions BEGIN with the Balance of the mortgage + any liens, penalties, interest, late fees, attorney fees, auction fees, etc. Should you wait until it becomes REO? That's for you to decide. ;-) Do you research prior to the auction. This is your chance to gather all the data you need to make an informed decision on whether you should bid AND How much you should bid.
Please contact me if you have any questions about buying a home in Fairhaven or elsewhere in Massachusetts. | |
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REO's are HOT! HOT! HOT!
Although there have been some changes in the overall real estate market, the REO market is booming! It seems everyone is looking for a foreclosure deal or REO (Bank Owned Property), and if you don't know where to look for them, or aren't working with a real estate agent that does.. Your missing out!
Looking for REO in a different State or County?? |
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If your looking for REO properties OUTSIDE of our service area or outside of Massachusetts please let us know! We will help locate An REO Agent in the City/State your searching in!
Just send me an email or Fill out the REO REQUEST FORM from the link on the Main Menu. Please remember to indicate which Cities or Counties in each state your looking in. Most agents do not work the entire state, so you would be working with a different agent for each county/state. Thank You and we look forward to assisting you! |
BuyBankREO.com your source for Foreclosed Homes, Auctions, etc. |
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My name is Liz Silva, I'm a member of the NRBA (National REO Brokers Association) & work with many Banks & Financial Institutions when they have REO (Real Estate Owned)/Foreclosed Homes that they need marketed.
If you are an investor or just a buyer that's looking for a fixer upper, or maybe a good deal, I may be just the agent you want to work with! Not only can I help you find a non-REO home that matches what your looking for, but there are also many listings out there on the market that are bank owned & foreclosed homes.... and I know just which ones they are! When you contact me to assist you with your search, I can tell you exactly where they are, show you the property, and help you put in an offer if your interested!!
If you have any questions about buying or selling bank owned property, or have any general real estate questions, please contact me and I will be happy to asisst you. If you're looking for property outside of Massachusetts, please let me know and I'll find an agent where your moving to! Thinking of Selling? I would be happy to provide you with a FREE Home Evaluation.
I'm a proud member of the NRBA (National REO Brokers Association) and specialize in the marketing and sales of REO (Bank Owned Property). If your looking to invest in foreclosures, HUD, Bank Owned property, REO, or are looking for General Information on these types of properties, feel free to contact me by phone (508)496-8796 or submit an inquiry via the website. I will be happy to speak with you.
Liz Silva
Re/Max Classic
(508) 496-8796
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Frequently Asked Questions |
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FAQ's
Where can I find out where all the REO properties are? BuyBankREO.com or call Liz @ (508) 496-8796
I asked a Real estate agent but he/she can't tell me which houses are REO properties and bank owned, How do YOU know which ones they are?? I am an REO Specialist and a member of the National REO Brokers Association. I deal with foreclosures and REO on daily basis! Because of this I have access to REO before anyone else, and can often get my buyers in Immediately once it's listed. Because of this, it may get under agreement even BEFORE the rest of the public even knows it's on the market! This is one benefit of signing up on the website to get our listings or calling us to work with us. OUR Customers get first notice of the listings as they come in!!
Do I bid auction style? I don't like Auctions & is why I don't go to foreclosure auctions. I also don't have the money to put down at the time of Auction & am scared of losing it if I can't come up with rest of the balance in 30 days! NO! These are not auctions. These properties are being sold via traditional methods just like any other house you see on the market with some small differences. See the "About REO" link for further information.
Can I still use my 100% Financing I'm qualified for? YES! Absolutely! & If your a First Time Buyer, you may be eligible to get some more benefits! Like $500 towards your inspection & appraisal!!
Do I have to pay YOU a commission? NO! The Seller (In this case, the Bank) pays our commission.
When can i Schedule an appointment, I want to see one of the REO Houses!! If you see something you like, don't hesitate. REO tends to go quicker than typical homes for sale because there is alot of investor interest. If you see something, you can click on "Request Showing" at the bottom of the details on my website, Send me an email or call my direct cell at (508) 496-8796 and I will get you in to see it ASAP. It's in your best interest to get Pre-approved through a lender prior to viewing the home because most banks require Lender Pre-approval to even submit an offer! If you need assistance finding a lender or want to get pre-approved. Call us & we will help.
I'm a First-Time Buyer & have no idea what to do in a regular transaction never mind an REO, Can You Help? Absolutely!! We have closed on many homes where the buyers were 1st timers. Whether it is an REO you want to see or a regular home for sale, we will assist you every step of the way! Dont by shy! Everyone was a first time buyer at one time and we'll walk you through the process and make you feel like a Pro by the end of the sale. |
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(masechoo´sits) , most populous of the New England states of the NE United States. It is bordered by New York (W), Vermont and New Hampshire (N), the Atlantic Ocean (E), and Rhode Island and Connecticut (S).
Area, 8,257 sq mi (21,386 sq km).
Pop. (2000) 6,349,097, a 5.5% increase since the 1990 census.
Capital and largest city, Boston.
Nickname, Bay State.
Motto, Ense Petit Placidam Sub Libertate Quietem [By the Sword We Seek Peace, But Peace Only under Liberty].
State bird, chickadee.
State flower, mayflower.
State tree, American elm. 
Boston is the capital and largest city. Other important cities include Worcester , Springfield , Lowell , New Bedford , Cambridge , Brockton , Fall River , and Quincy . The state is famed for its historic points of interest, among them being those at Sturbridge, Concord, and Lexington; at three national historical parksBoston, Lowell, and Minute Man; and at eight national historic sitesAdams, Boston African American, Frederick Law Olmsted, John Fitzgerald Kennedy, Longfellow, Salem Maritime, Saugus Iron Works, and Springfield Armory (see National Parks and Monuments , table). Cultural attractions include the noted Tanglewood music festival (see Berkshire Festival ) and the many educational facilities of the state.
As a recreation and vacation land, Massachusetts has great stretches of seashore in the east and many lakes and streams in the wooded Berkshire Hills in the west. There are numerous state parks, forests, and beaches, and Cape Cod is the site of a national seashore. Provincetown, on Cape Cod, and Rockport, on Cape Ann, are artist colonies; Marblehead is a noted yachting center.
High-technology research and development, finance, and trade are all prominent in the commonwealth's economy. The service sector, in which tourism is primary, now employs over one third of Massachusetts workers.
*Columbia Encyclopedia, Sixth Edition, Copyright (c) 2003. | | |
Many customers have been asking me... Liz! What's going on with these REO's???
The amount of web visitors who have caught on to BuyBankREO.com has TREMENDOUSLY!! Many buyers are hearing about the "slowing market".
THIS IS SO TRUE!! But it does not seem to hold true of the REO properties/Bank Owned/Foreclosures. I can't tell you the amount of investors who have been looking for foreclosures & bank owned property to purchase at bargain prices! And they are snatching them up!! On the same token, first time buyers & people looking for owner occupancy are also trying to "get in" on these good deals and if your not looking in the right place you MISS THESE DEALS!
I get numerous calls daily to ask about specific properties only to have to tell them: "Sorry, it's already under agreement". They either waited too long, or their agent hadn't told them about the property.. Because they DIDN't KNOW ABOUT IT!.
REO properties are sometimes snagged up so quickly that they don't even get a chance to be advertised in the newspapers or Real Estate Book! A perfect example is my recent Single Family Listing for $169,900 !!!
This property was on the market for 1 Day!!!! And was sold at FULL PRICE for $169,900. This property was a Dutch/Gambrel style home with over 1800 sq ft of living space!! Nice Deck, large rooms with some comsetics needed. A First time buyer working with me, signed up on the website & on my "Priority List" was given the "heads up" that this property was going to come on the market & viewed it the VERY SAME DAY I LISTED IT!!
They were able to view the Property before ANYONE ELSE! and put in an offer IMMEDIATELY. She went under contract that very same day, and is now the proud owner of this great property! LOOK AT THE PHOTOS... CAN YOU FIND A PLACE LIKE THIS FOR 169,900??
This is just one of the benefits of signing up with BuyBankREO.com & working with Liz Silva of Remax Classic.
- Know exactly WHERE these properties are located, there are hundreds of them!
- Get a showing ASAP so that you can submit an offer & get it in front of the bank.
- Get exclusive Email alerts when a new foreclosure is about to get listed!
At the time of this article, I currently have 26 Listings in my inventory and know of over 106 properties that are currently available that are foreclosed.. and more coming... (I CAN SHOW YOU ANY OF THEM!)
With many of these, most buyers will not even REALIZE they exist until they are sold. At that point they may ask "How come I didn't know about that one??".... Consider contacting Liz @ ReMax & I will let you know when they hit the market... at times you may know before ANYONE ELSE! Why let all the investors get all of the good deals?
In the real estate industry I hear alot of buyers saying "Nah, the market's dropping & nobody's buying. I'm going to wait a little longer, maybe until the bank reduces the property. I do my research & read up on the real estate market & I "heard" I should wait." When we tell these buyers there are "Multiple Offers" they tend to think we are bluffing.. for some reason.... (I guess they think that this is just what we say when trying to sell a house?").
Rest assured, that if we tell you there are multiple offers.. it's because there ARE multiple offers. These buyers will call a week later deciding to view the property only to be told that it's already sold! Are they all like this? No. The truth is, there ARE some properties that may be a bit too much for some buyers, or just plain need too much work & are too high-priced. But for the most part, my phone has been ringing off the hook & most of my time has been spent submitting offers & putting them under contract. Most of you know this because you've been having to leave me a lot of voice mails lately. (Sorry!) Even with an assistant, it has been extremely busy lately. I do apologize for not being available immediately & YOUR CALL IS IMPORTANT TO ME. However, when I'm with a client I attempt to give them my undivided attention & If I am unavailable to take your call right away, PLEASE leave a message I WILL return your call at the earliest possible time. EMAIL is always the best way to contact me as I have email capabilities on my cell phone & check it often.
So to make a Long Story short.... What's going on with REO? REO is HOT! And if you or your agent is not signed up at BuyBankREO.com your missing out!
**DISCLAIMER: BUYERS PLEASE NOTE! Liz Silva of Re/Max Classic does not discourage Buyers to choose their OWN Real estate agent & are fully encouraged to use their own buyer's agent for their real estate transactions. If you choose to use a Buyer's Agent or Faciliator rather than Liz Silva it is PERFECTLY OK! While we always welcome your business and will work dilligently to find you a property & assist you with the real estate transaction one on one, we do not want to take away a client from a fellow real estate agent if you are in a contract with that agent! If you are currently working with another agent and are under contract, please continue to contact him/her to obtain listing information & real estate guidance. They should contact us directly & I will be more than happy to provide them information on My listings. They will be compensated accordingly based on what's advertised in the MLS. (Facilitator or Buyer's Agent only). The statements made on the website are simply to inform potential buyers of the benefits of contacting us directly, who are not already working with another agent.. The Buyers have a choice of using any "licensed" real estate agent of their choice. We are co-broke friendly :o)
Please be mindful of this when contacting our office to discuss listings or to schedule showings. At this time we are very busy with REO & are trying hard to provide our own customers & clients with our undivided attention and if you are already working with another agent, Please Make sure that you contact your own agent, as they should have access to the same information. BUYER'S AGENTS OR FACILITATORS MUST BE PRESENT AT ALL SHOWINGS IF THEY INTEND TO BE COMPENSATED.
REO = "Real Estate Owned" by Banks, Lenders, Financial Institutions, etc.
more commonly known as "foreclosures".
www.BuyBankREO.com
Your #1 Source for Bank REO in Bristol & Plymouth Counties.
Team Silva knows REO
508-536-5007
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