What is REO?
REO is simply a bank owned property. (why not call it a bop?)
REO stands for "Real Estate Owned". A property will go to auction when foreclosed, if it isn't sold at the auction or goes back to the Mortgagee then it becomes what we call an "REO".
Many investors wait until the property becomes an REO beacuse they feel they can get a better deal. When the auction occurs, the auction typically starts at the balance of the mortgage + any fees, liens, etc. Whereas, when it becomes REO an appraiser is brought in, a real estate agent will provide their opinion, and it is typically listed at market value!
We have MANY investors and Savvy Buyers who keep close tabs on our inventory to see what we have coming up...and keep in constant contact with us. Alot of times we don't even get to advertise because once a property gets listed we may have offers within hours of it being listed if it's priced right!!!
Want an REO? Sometimes it's not that easy, if your too slow you've lost the opportunity for a chance at a great house!!
TIP: Visit our website often, I try to update it daily to reflect both NEW & Upcoming Listings. If you happen to be extra eager to find something in particular, let me know! I will give you a heads up as soon as I get something that matches what your looking for. Often I can let you know ahead of time so that your ready to see it the day it's listed & potentially offer in the very same day it's listed.