What Is Foreclosure And REO?
REOs may be vacant or in need of repair. But often they look and feel just like other homes for sale, and they're listed by a real estate agent. Although they're typically sold as-is, it's not uncommon for an REO to be in move-in condition. But the process of buying an REO is different than other home purchases. An REO property is one that's been foreclosed on and is now owned by the bank.
REO properties fall into two categories:
Move-in condition: The home is in acceptable condition and not in need of rehabilitation. You could buy this property and move in quickly. Damaged: A damaged REO generally needs repairs and rehabilitation before you can move in. These types of REOs are attractive to investors and some buyers who aren't daunted by the work involved in rehabbing a property. Often, you will get a bigger discount on damaged REO properties, but you have to consider refurbishing costs. Where can you find REOs for sale? I have an extensive list of websites and subscriptions to find and learn about foreclosures and REO's.Just contact us. Oddly enough, it isn't as easy as you think to spot and buy an REO. Most banks and other mortgage institutions do a poor job of marketing these properties.
Pros of buying REOs:
• The process is similar to a "normal" home purchase in that you can secure financing using a traditional mortgage. (Buying an REO property is nothing like buying a foreclosure property at auction with cash.)
• You'll be able to do inspections and secure financing before completing the purchase.
Cons of buying REOs:
• The process can take longer than a regular home sale.
Get In Touch
share
Local Expert Updates
Brooke Jones
Cell: 641.420.2172
Janie Eick
Cell: 712.339.0574
Greg Sheeler
Cell: 712.330.1573
Charlie Leissler
Cell: 712.229.9809Community Updates
The Coffee Shop
This quaint coffee shop in downtown Milford, IA is the talk of the town. You must stop in for a hot or cold drink and enjoy the atmosphere of this eclectic cafe. Locals and visitors alike enjoy meeting at this town favorite.
Okoboji Mattress Co.
Okoboji Mattress Co. is a Sleep Specialty Store located .7 miles west of the junction of 9 and 71 in Spirit Lake, IA. We are a locally owned Sleep Boutique featuring Serta and Simmons Mattresses and bases. Stop by try Malouf Z Pillows before you buy! A great selection of Serta, and Simmons Beautyrest Mattresses, Adjustable Bases, Malouf Sheets, Mattress Protectors, and Comforters, Malouf Z pillows, and more! New Sleep Lift Recliners from Mega Motion and Ultimate Power Recliner!
Cutting Edge Lawn Service
Cutting Edge Lawn Service has been proudly serving the Iowa Great Lakes Area for many years. They take pride in their impeccable customer service, and maintain strong relationships with customers, just ask your neighbors! To them, your lawn is theirs, and they want to keep it looking its absolute best. Cutting Edge's rates are competitive on all of their services, and top notch service as well. They are fully trained lawn care specialists that give 100% every time.
Their services include: Lawn Mowing, Lawn Aeration,Trimming,Spring & Fall Clean Up, De-thatching, Hedge Trimming, Raking, Weed Control, Gutter Clean Out, Landscaping, and Power Washing.