Why Buy an Urban REO Property

An REO (Real Estate Owned) property is a house that a mortgage lender or bank has not been able to sell during a foreclosure sale. The fact that the house is being sold as a REO property should not deter you from buying such a property for a home. In most cases there is nothing unusual or wrong with the property. Under such circumstances, the lender frequently engages the services of a REO marketing and sales specialist that is prepared to help the new home buyer in more ways than the lender can.

Find an REO Broker
There are real estate brokers that specialize in selling REO property. A good one will take the time to explain to you all the ins-and-outs of the REO market and why an REO property is a great path to home ownership. As new REO properties come on the market, your REO broker will let you know immediately.

Our Seller is Motivated
In the case of REO properties, the lender is a motivated seller, since the lender has failed to sell the property at the foreclosure sale.

  • The lender needs the revenue a sale of the property will generate to reinvest in the community. A vacant house generates no revenue and represents an on-going liability and expense.
  • Our clients understand the power of  homeownership as a wealth building tool in the urban community and they strive to sell these properties to people who want to be members of these communities.
Buyer Incentives
To generate a quick sale the bank does many things to incentivize a prospective buyer and make the purchase as straightforward as possible:
  • Excellent value for your dollar
  • No back taxes or liens to worry about
  • Evictions handled
  • Access to a property for inspections
  • Negotiable rehab costs, interest, closing points, loan amount, etc.
  • Good, clear title – no misunderstanding or ambiguity about the ownership of the property
  • Less than normal down payment

Rebuild Your Community
The current economic environment has badly damaged a lot of urban communities. If owner-absent homes remain unsold, further deterioration of neighborhoods will happen. A powerful way to prevent this erosion of our urban communities is through home ownership.

For information on REO properties in your area, please call BA Urban Solutions at 281-491-8233 or send us an email.