If you are looking for a nice new house for your family, consider buying REO (Real Estate Owned) properties. This is your best option in present time. It is going to give you a cozy new house and it is going to save you a lot of money. Moreover, you can also buy REO houses and properties to make money out of it.
When you are thinking about buying REO houses, you should think about two things. One, if you see an opportunity, grab it. There is no assurance that the same opportunity might be there tomorrow. It is better not to regret. Second, if you are new to this whole REO house and properties market, take a lot of time to learn about the curves in this market.
Now, you need to know what REO is. It will be easier to explain this way: suppose Mr. X borrowed some money from a company/lender/bank where he kept his house as mortgage. Now, if he fails to pay back the company/lender/bank within the deadline, then the company/lender/bank will take over the property. Then the property will be auctioned to the public. If the auction fails to raise the required money, then it goes back to the company/lender/bank. Then the house will be sold as soon as possible for the debt to be covered and the buyer will get it in a lot cheaper price. This is REO property.
Like any usual auctions, REO auctions begin with a minimum bid. This minimum bid will be equal to the loan and other expenses the bank had to bear for this property. If you are the successful bidder, you will get the house in an "as is" condition. This means that someone must be residing in the house. But in most cases, the house is not sold in the price the bank wanted it to. So it goes back to the bank and becomes REO or a real estate property owned by the bank.
Now that the house is tagged as a bank owned property, the bank is the sole owner of it now. But the thing is, they do not have any need of that house. So their primary target would be to sell the house as soon as possible. They will evict the residents there; make some small repairs and pay of any dues to the IRS or the homeowner's association. This will give you ample opportunity to inspect the house and make your decision.
So in the end, you will get a nice deal on the house because the bank will just care about getting back the money they need and you will not have to deal with problems like evicting the residents or paying due taxes.
If you are interested to buy such a property, there are few things you should be sure of before making an offer. Be sure that the house has an inspection report, if there is any issue of an "as is" condition or not, how long will it take for the deal to be over and how the agent will deliver the offer to the bank.
คอนโด Once you are sure about all of these things, make your offer and be the proud owner of a nice house.
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