There are some fundamental differences between foreclosure properties and REO properties. Foreclosure properties are generally sold at auction to the highest bidder. It isn’t always possible to view a foreclosure property before bidding on it. REO properties are foreclosure properties that failed to sell at auction.
Once a property becomes REO it is sold in much the same way as traditional homes. 
Prospective buyers are allowed to thoroughly inspect the property and make an offer. If the bank or lender accepts the offer the property goes through escrow in much the same way as traditional escrow with some additional considerations and particularly stringent timelines.
If you are interested in purchasing REO property please contact Island Advantage Realty LLC, the respected leader in REO property for the New York Metro and Long Island areas.
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
Nothing stresses a home more than sitting empty. The good news is that neglect issues are generally easy and inexpensive to fix. Once the home is given the respect it deserves it can quickly revert to its original state.
Everyone has different needs. What is important and a sticking point to one person is of little consequence to another person. I recently had a client who was not sure if she could buy an REO property. She liked the concept of saving money on her home purchase, but she had very definite ideas about the kind of home she wanted to purchase. I assured her that REO properties come in every size, shape, design and neighborhood. 
we found the REO home of her dreams, complete with four California Custom Closets. There was other work that needed to be done on the home and she had great fun pouring over paint chips and deciding color schemes. In the end she had a home she could be proud of for a great price. What kind of REO are you interested in?
dead of winter when things where at their most bleak. Then in the spring with another investment of time, sweat and a little money, the seeds were planted.
can customize their new home to their own desires without ending up owing more than their home is worth. 
for fair market value minus the cost of actual repairs and they allow you to thoroughly inspect the property before making an offer. This offers a wonderful opportunity to buy into the market at a lower price, perform sweat equity on the property or to buy a home which you can customize to meet your tastes without starting out with an upside down mortgage. 
the only perk of home ownership that my father enjoyed. But it meant a lot to him to be able to measure our growth and to know that no one could take that away from him.
desire is to sell the property to a reputable party who will be capable of making the payments on the property.
someone who is experienced in REO property, then you won’t have any need to take a course in buying REO, your Realtor will happily guide you through the entire process.
