BUYING THE NEW CLASS OF BANK OWNED PROPERTY (REO)

BUYING The New Breed of Bank Owned Property (REO)
When most people hear the term bank owned property (REO), they think of a house that needs a total renovation and don’t even consider looking at the property. Yes, banks are in the money business and some banks particularly here on Long Island are getting savvy and realizing they could make money by selling their REO’s (real Estate owned) properties to end users by fully or partially renovating them. This is not good for the investor but opens up a few more properties for the Long Island buyers who are feeling the effects of the current low inventory. The process of buying an end user friendly REO is similar to a traditional sale in some ways but not all because you are dealing with a corporation not a homeowner. I would recommend dealing with a realtor and attorney that is experienced with these types of transactions because banks are all business everything has to be prepared just right when you present your offer. Just leaving out one document from the offer package could have your offer rejected and reduce your chances of securing the deal. Unlike buying a bank owned property that needs a lot of repairs and nontraditional financing (reno-loan) these REO’s do not. So, if you are looking in an area with low inventory check out some bank owned properties (REO’s) and see if they have been renovated. You might just find the house of your dreams.

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Mark Schreier Licensed Real Estate Agent
Century 21 American Homes Real Estate
Text: 516.263.9094 Syosset, New York

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Making Dreams On Long Island Come True One Home At A Time.
If you have an interest in residential real estate then this Youtube channel is for you. Learn the ins and outs of selling and purchasing a house from the day you list or start your search to closing and many subtopics and guest speakers along the way. By Mark Schreier Realtor (Licensed Sales Associate) with Century 21 American Homes Real Estate

#Buyingabankownedhome, #buyinganREO, #buyingabankownedhouseonlongisland

Legal Disclaimer: The information provided in these videos and any accompanying material is for informational purposes only. One should consult with a financial, legal or investment professional to determine what may be best for your individual needs. It's only meant for use as informative or entertainment purposes.

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[EdwardGuerrero]

I have tons of questions but one of them is: for example i see a reo listed for 30000 dollars and i make an offer of 20000 dollars and the bank accepts it, is that the real price? Is the assessed price the actual pri that the home is selli g at?