Interested in REO property or a foreclosure in Indio?


	Foreclosed upon and bank owned property purchases require the assistance of an experience professional.

What is an REO?

"REO" or Real Estate Owned are houses which have completed the foreclosure process that the bank or mortgage company presently possesses. This is unlike real estate up for foreclosure auction. __REO SALES_______________ has experience to share with foreclosures and bank owned properties in Indio, California

__REO SALES_______________ has experience to share with foreclosures and bank owned properties in Indio, California

If you buy a property during a foreclosure sale, you must pay at least the loan balance plus any interest and other fees added during the foreclosure process. You must also be ready to pay with cash in hand. To top everything off, you'll receive the property totally as is. That possibly could consist of current liens and even current residents that may require removal.

A bank-owned property, conversely, is a much neater and attractive deal. The REO property didn't find a buyer during foreclosure auction. The bank now owns it. The bank will deal with the removal of tax liens, evict occupants if needed and generally arrange for the issuance of a title insurance policy to the buyer at closing.

Note that REOs may be exempt from standard disclosure requirements. For instance, in California, banks are exempt from giving a Transfer Disclosure Statement, a document that usually requires sellers to tell you about any defects they are knowledgeable of. By hiring __REO SALES_______________, you can rest assured knowing all parties are fulfilling California state disclosure requirements.

Is REO property in Indio a bargain?

It's frequently believed that any REO must be a bargain and a possibility for guaranteed profit. This isn't always true. You have to be cautious about buying a repossession if your intent is make money. While it's true that the bank is typically anxious to sell it soon, they are also looking to minimize any losses.

__REO SALES_______________ has experience to share with foreclosures and bank owned properties in Indio, California

When pondering what to pay for a foreclosure, carefully analyze comparable sales in the neighborhood and be sure to take into account the time and cost of any repairs or remodeling needed to prepare the house for resale. It is possible to find REOs with money-making potential, and many people do very well flipping foreclosures. Still there are also many REOs that are not good buys and may not be money makers.

Time to make an offer?

Most banks have staff dedicated to REO that you'll work with in buying REO property from them. To get their properties advertised on the local MLS, the lender will usually hire a listing agent.

Before making your offer, you'll want to contact either the listing agent or REO department at the bank and discover as much as you can about their knowledge concerning the condition of the property and what their process is for receiving offers. Since banks most commonly sell REO properties "as is", it may be in your best interest to include an inspection contingency in your offer that gives you time to check for unseen damage and retract the offer if you find it. If, as a buyer, you can provide documentation showing your ability to pay, such as a pre-approval letter from a lender, your offer will be more attractive and likely be accepted. (This holds for any type of real estate offer.)

Once you've made your offer, you can expect the bank to make a counter offer. At this point it will be up to you to decide whether to accept their counter, or submit another counter offer. Your transaction could be final in a single day, but that's rare. Since offers and counter offers usually give the other party a day or longer to respond (and employees at a bank don't work nights or weekends) you could be looking at a week or longer.