A home doesn’t become REO property overnight; it is actually a rather lengthy process. First there is an extensive foreclosure process after which a property will be offered at auction. If the property fails to sell at auction it will then become REO or Bank Owned property. At that time the bank with generally bring in a real estate professional to assess the situation and begin to list the home.
One of the issues that arise from such a long 
process is that often there is no one providing upkeep on the home during the process. The bank doesn’t legally have the right to enter the property until it is deeded to them and when a home owner is in the process of loosing their home to foreclosure they tend to have other issues on their mind than maintaining the home.
This can create some undesirable side effects. It’s not unusual to see overgrown lawns, untended landscaping, broken fixtures, soiled carpets, broken windows and a general sense of neglect when looking at a REO property.
The good news is that repairs from neglect are usually easily fixed and whether the repair is large or small the cost of the repair will be deducted from the cost of the home.
With just a little time and tender care these homes can easily be restored to their natural beautiful state. If you are interested in more information about REO properties in the Metro NY or Long Island areas please contact Island Advantage Realty LLC.
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
