Looking for REO property or a foreclosure in Fayetteville?


	Foreclosed upon and bank owned property purchases require the assistance of an experience professional. For more information, just contact me through my site or e-mail me. I'm glad to address any questions you have regarding real estate foreclosures.

What is an REO?

"REO" or Real Estate Owned are homes which have been foreclosed upon that the bank or mortgage company currently possesses. This is different than real estate up for foreclosure auction. Coldwell Banker Advantage has experience to share with foreclosures and bank owned properties in Fayetteville, North Carolina

Coldwell Banker Advantage has experience to share with foreclosures and bank owned properties in Fayetteville, North Carolina

When buying a property during a foreclosure sale, you must pay at least the loan balance plus any interest and other fees added during the foreclosure process. The buyer must also be prepared to pay with cash in hand. To top everything off, you'll receive the property entirely as is. That possibly could include standing liens and even current tenants that may require eviction.

A bank-owned property, on the contrary, is a more tidy and attractive proposition. The REO property did not find a buyer during foreclosure auction. Now the bank owns it. The bank will see to the elimination of tax liens, evict occupants if needed and generally organize for the issuance of a title insurance policy to the buyer at closing.

Note that REOs may be exempt from typical disclosure requirements. For example, in Texas, it is optional for foreclosures to have a Property Disclosure Statement, a document that ordinarily requires sellers to reveal any defects of which they are aware. By hiring Coldwell Banker Advantage, you can rest assured knowing all parties are fulfilling North Carolina state disclosure requirements.

Are REO properties a bargain in Cumberland County?

It's commonly assumed that any foreclosure must be a good deal and a possibility for guaranteed profit. This often isn't true. You have to be very careful about buying a repossession if your intent is make money. Even though the bank is typically anxious to sell it promptly, they are also motivated to get as much as they can for it.

Coldwell Banker Advantage has experience to share with foreclosures and bank owned properties in Fayetteville, North Carolina

Look carefully at the listing and sales prices of comparable properties in the neighborhood when making an offer on an REO. And factor in any repairs or upgrades necessary to prepare the house for resale or moving in. There are bargains with potential to make money, and many people do very well buying foreclosures. However there are also many REOs that are not good buys and may lose money.

Ready to make an offer?

Most banks have staff dedicated to REO that you'll work with when buying REO property from them. Commonly the REO department will use a listing agent to get their REO properties listed on the local MLS.

Before making your offer, you'll want to contact either the listing agent or REO department at the bank and learn as much as you can about what they know concerning the condition of the property and what their process is for receiving offers. Since banks typically sell REO properties "as is", it's often prudent to include an inspection contingency in your offer that gives you time to check for unseen damage and retract the offer if you find it. As with making any offer on real estate, you'll make your offer more attractive if you can include documentation of your ability to pay, such as a pre-approval letter from a lender.

After you've made your offer, it's customary for the bank to make a counter offer. From there it will be your decision whether to accept their counter, or submit another counter offer. Your transaction could be final in one day, but that's usually not the case. Since offers and counter offers usually allow a day or more for the other party to respond (and employees at a bank don't work nights or weekends) you could be looking at a week or longer. Coldwell Banker Advantage is are used to working around the schedules of this type of seller and will do everything possible to ensure there are no undue delays.