If you live in the Pacific Northwest or anywhere in the U.S. for that matter, you have probably been seeing the acronym REO. REO stands for Real Estate Owned. Property becomes REO, usually after someone has tried to market their property as a short sale (when they owe more to the bank than they can sell the home for), it has gone to foreclosure, has not sold at auction and now the bank has the duty of getting it off their books. REO property can usually be a good deal for any homeowner or investor. The bank needs to sell the property to get it off their books; banks are not in the business of selling real estate. Before listing the property, banks hire two to three real estate agents to perform BPO’s (Broker Price Opinions) to see what the property can sell for in any given market. On occasion and usually with higher valued properties, the banks will also order an appraisal in addition to the BPO. Most REO property is sold “as is” however the banks do their best to repair any detriments to the homes to make them sell faster and increase property value resulting in an acceptable sales price.
As a Certified REO Property Specialist; I want to educate the public on REO properties and show people opportunities for purchasing REO property in their own back-yard. For more information on REO property purchase or if you are a seller who wants help before your property becomes an REO feel free to contact me at Helen@ChooseGreenRealty.com or 206-686-5808.
