Inspecting REO

There are many advantages to buying REO property; one of my favorites is the ability to inspect the property thoroughly.  Foreclosure properties have other advantages, but frequently you can’t inspect them or there are time restrictions on when you can inspect them.  With REO property you have the same capability to inspect the premises as with traditional home sale.
 
You are free to hire a professional to conduct a thorough inspection from top to bottom of the premises.  Since REO properties are sold for fair market value minus the cost of necessary repairs it behooves you to have a thorough understanding of the condition of the property before making an offer. 
 
Typically REO homes are sold “As Is”; this has positive ramifications if you understand the benefits and are working with REO professionals.  If there are repair considerations with an REO you would want to know about them before making an offer.  Once escrow begins for an REO property things move quickly.  Sometimes when you buy a traditional home there is still room for negotiation about repairs and considerations during escrow, with REO=2 0this is not the case, all of those considerations happen before escrow, streamlining the escrow process.  For the home owner with the right expert guidance this can mean buying an economical home, being able to acquire it quickly and without stress, but also knowing exactly what you are buying and what will be necessary in terms of repair.
 
If you are interested in buying an economical REO property and would like expert advice please contact Island Advantage Realty, LLC.  We are the recognized experts in REO property for the Metro NY 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