I am often amazed at how many people still don’t know about the benefits of purchasing REO property. For those of you are trying to self educate, you’ve come to the right place. REO stands for Real Estate Owned, this designation is given to property that was foreclosed upon and then did not sell at auction. Now the bank of lender who held the original note is the official owner of the property. Banks and Lenders are
interested in selling the property quickly so they can recoup their original investment.
What is so exciting about REO? When banks offer these properties it is usually at a hefty discount. The national average is between 10 and 30% below market value. Imagine buying a house and saving tens of thousands of dollars on the purchase price!
REO homes come in a wide variety of shapes, sizes and conditions. Some of them need substantial work others do not. If you are interested in purchasing real estate at a hefty discount, this is the summer to do it. At Island Advantage Realty of New York, we specialize in this type of property. Give us a call and we will show you all the exciting options available in your area.
The advice and tips offered in this blog are intended to be solely informational and do not apply in all circumstances. Make sure that you consult a real estate professional, financial consultant, attorney or accountant before taking any action. For further information or questions please contact Gabriella@IARNY.com
