This is a great question with an easy answer. Smart buyers buy REO properties. Sometimes they are retired couples who are ready to downsize and want to save valuable dollars to spend on their retirement, not on real estate.
Sometimes they are young families buying their very first home. They want more home for their investment and are willing to put some work into their home to sweeten their investment.
Sometimes they are single parents who want to reap the benefits of owning as opposed to renting, but can’t afford to buy in the traditional market.
I had one client buy a home for their college bound student. With the student’s roo
mmates paying rent the cost of the mortgage is more than met and the parent’s plain is to gift the proceeds of the sale of the property to their child as a graduation present.
There are as many smart reasons to buy REO as there are REO properties on the market. What is your smart reason for buying REO property?
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
