REO or Real Estate Owned properties are a good way to buy a distressed property at a good value. There are a few things any buyer must understand about REO's before looking for properties.
Experienced investors are the best candidates for the purchase of REO's. REO properties are sold "as is" so the buyer must have the necessary resources to repair and rehab the property if necessary.
The properties are listed "as is" and the buyer must be prepared for problems which may include:
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Gutted properties missing cabinets, wiring, plumbing, fixtures, ect.
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The electricity will most likely be disconnected
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There may be structural damage
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The interior may be in very poor condition, possible not in a livable state.
The listings are not typical and sale prices are investment driven so the seller has no emotional ties to the property.
If you are interested in purchasing REO properties please contact me and I will be happy to visit with you about the process.
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