Looking for REO property or a foreclosure in Mount Holly?


	Just as with any home purchase, your smartest move is to hire a professional real estate agent. For more information, you can contact me through my site or e-mail me. I'm happy to answer any questions you have regarding real estate foreclosures.

What's an REO?

"REO" or Real Estate Owned are homes which have been foreclosed upon that the bank or mortgage company now owns. This is not the same as a property up for foreclosure auction. Keyes Real Estate Services has experience to share with foreclosures and bank owned properties in Mount Holly, North Carolina

Keyes Real Estate Services has experience to share with foreclosures and bank owned properties in Mount Holly, North Carolina

If you buy a property during a foreclosure sale, you must pay at least the loan balance plus any interest and other fees accrued during the foreclosure process. The buyer must also be able to pay with cash in hand. To top everything off, you'll get the property completely as is. That could comprise of standing liens and even current occupants that may require removal.

A bank-owned property, conversely, is a much cleaner and attractive transaction. The REO property was unable to find a buyer during foreclosure auction. Now the bank owns it. The lender will handle 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 typical disclosure requirements. For instance, in California, banks are exempt from giving a Transfer Disclosure Statement, a document that usually requires sellers to reveal any defects of which they are informed. By hiring Keyes Real Estate Services, you can rest assured knowing all parties are fulfilling North Carolina state disclosure requirements.

Is REO property in Mount Holly a bargain?

It is frequently presumed that any foreclosure must be a good buy and an opportunity for easy money. This isn't always the case. You have to be prudent about buying a repossession if your intent is make a profit. Even though the bank is often eager to offload it fast, they are also looking to minimize any losses.

Keyes Real Estate Services has experience to share with foreclosures and bank owned properties in Mount Holly, North Carolina

Look closely at the listing and sales prices of competing homes in the neighborhood when considering the purchase of an REO. And factor in any repairs or upgrades necessary to prepare the house for resale or moving in. It is possible to find REOs with money-making potential, and many people do very well buying and selling foreclosures. But there are also many REOs that are not good buys and may lose money.

Time to make an offer?

Most lenders have a department dedicated to REO that you'll work with in buying REO property from them. Typically the REO department will use a listing agent to get their REO properties listed on the local MLS.

Prior to making your offer, you'll want to contact either the listing agent or REO department at the bank and find out as much as you can about their knowledge regarding the condition of the property and what their process is for accepting offers. Since banks almost always sell REO properties "as is", it's often prudent to include an inspection contingency in your offer that gives you time to check for unknown damage and cancel the offer if you find it. If, as a buyer, you can provide documentation showing your ability to secure financing, 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.)

After you've submitted your offer, you can expect the bank to counter offer. At this point it will be your decision whether to accept their counter, or make another counter offer. Your deal could be final in one day, but that's usually not the case. 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. Keyes Real Estate Services is are used to working around the schedules of this type of seller and will do everything possible to ensure there are no undue delays.