Buying bank owned property, also called REO property (Real Estate Owned property), is significantly different than buying a short sale where the borrower's property has not yet been foreclosed. In making an offer on a bank owned property, you are making an offer directly to the bank.
Since banks are not in the business of owning or selling real estate, it is possible to get significant bargains simply because they want to liquidate the property as soon as possible. Unfortunately, the process is often cumbersome and your experiences will often be determined by a combination of the experience of your agent in this type of transaction and the attitude of the bank's Asset Manager in charge of fielding offers for the subject property. In short, your best asset is your agent, and at Blue and Gold Realty, we provide you with experienced representation during the offer process.
Contact Us to get more information on buying Foreclsoures.
The market for foreclosures is constantly changing, and new properties are listed almost everyday. We have put together some quick search links to help you search for available foreclosures;
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