A couple of months ago secretary of HUD Dr. Ben Carson was asked about REO And many people at the time including me believe he confused it with the cookie, Oreo i now believe he confused it with another real estate acronym which stands for other real estate owned.
Now I don’t expect Dr. Carson to know much of what about his position because he was actually thrown in to the position that he had no qualifications for and is actually more qualified to lead health and human services then leading real estate, but that’s besides the point, so let’s get into REO rates Pertaining to the benefits and possible struggles.
Real estate owned or commonly referred as R.E.O. is a term used to describe a class of property owned by a bank after an unsuccessful sale at a foreclosure auction this is most common in FHA loan.
Once it’s owned by the bank They will ask the selling agent to do a BPO (broker’s price opinion) Which is similar to a CMA(comparative market analysis) which essentially is a mini appraisal for a small fee banks will try to sell the properties at a 5% discount the only thing is the banks never set foot in these foreclosed properties so they cannot tell you If there’s anything wrong with the property nor would they want to know for example if there was leak and the homeowner just patched it up instead of actually fixing it you have no way of knowing so its important to do these thing.
- You have to find a HUD Listing Agent which you can find through
- Get your own contractor
- Assess the damage and calculate your risk
- The longer it stays on the market the cheaper it will be
- Properties that essentially need to be and can I be financed are the ones the banks are going to give a deal
- Get familiar with HUD agents
Since I am not expert Here are some individuals that work with real estate owned
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