What is Real Estate Owned (REO)? A Real Estate Owned (REO) property is property that is owned by a lender, bank or mortgage company, after an unsuccessful foreclosure attempt. When a foreclosure auction ends unfavorably, the bank tries to remove expenses on the home by finding other ways sell the property. They either try to sell the property through auctions or through a Realtor. Real estate investors pay a low price for REO properties typically because they need extensive repair and maintenance.
Hire a Real Estate Owned (REO) Lawyer: It is important to remember that there may be counter offers when buying Real Estate Owned property. Properties are often vandalized and are sold “as is” and banks will not fix the property before selling it. Hiring a Real Estate Owned (REO) lawyer can help an agent or a real estate attorney because the property may have several other offers and you may need to be pre-approved for financing before placing an offer.
Find a Real Estate Owned (REO) Lawyer: A qualified Real Estate Owned lawyer with experience in foreclosure can help familiarize you with various lenders and mortgage holders. If you need a Real Estate Owned (REO) lawyer to help you with a Real Estate Owned property, contact Attorney Search Network today. We can connect you with a Real Estate Owned lawyer.