REO Surplus.
The nationwide foreclosure crisis has left banks with portfolios of properties that completed the foreclosure process, essentially properties that they were forced to repossess from those whom they borrowed money to.  Banks are typically only interested in lending money, not collecting non-performing assets, each bad asset that they have on their books limits the amount of money they can lend out.  Banks to not want homeowners to go through foreclosure, nor do they want to have a portfolio of foreclosed properties. 

 

REO Opportunities.
Since banks are not in the business of holding non-performing assets they have created a sub-market of discounted properties, this desire for them to sell properties for less than market value has contributed to the decline in home values across the board, which is bad for the neighborhoods, but good for the buyers of those homes.  Banks typically list the REO (real estate owned) properties for less than market value, often 10-20% less than comparable properties, but still investors come along and offer even less, and depending upon the particular banks situation they may accept much lower offers.  REO's make for an obvious choice for individuals looking to buy a property for less than market value. 

 

Contact us.
If you would like to begin buying REO's or Bank Owned Properties then you should contact us, we have compiled lists of properties that are owned buy the banks.  We can help you find properties listed on the MLS as well as ones that are not.  Please feel free to contact us using the form on the contact us page any time, we look forward to hearing from you.