Interested in REO property or a foreclosure in Brecksville?


	Foreclosed upon and bank owned property purchases require the assistance of an experience professional. For more information, just contact me through my site or e-mail me. I'm happy to address any questions you have regarding real estate foreclosures.

What's an REO?

"REO" or Real Estate Owned are homes which have gone through foreclosure that the bank or mortgage company presently owns. This differs from real estate up for foreclosure auction. Harmony Homes Realty has experience to share with foreclosures and bank owned properties in Brecksville, Ohio

Harmony Homes Realty has experience to share with foreclosures and bank owned properties in Brecksville, Ohio

When buying a property during a foreclosure sale, you must pay at least the loan balance plus any interest and other fees added during the foreclosure process. The buyer must also be able to pay with cash in hand. To top everything off, you'll accept the property 100% as is. That could consist of existing liens and even current denizens that need to be evicted.

A bank-owned property, on the other hand, is a much cleaner and attractive deal. The REO property did not find a buyer during foreclosure auction. Now the bank owns it. The bank will see to 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 not required to give a Transfer Disclosure Statement, a document that ordinarily requires sellers to reveal any defects of which they are informed. By hiring Harmony Homes Realty, you can rest assured knowing all parties are fulfilling Ohio state disclosure requirements.

Is REO property in Brecksville a bargain?

It's sometimes believed that any REO must be a steal and an opportunity for easy money. This isn't always true. You have to be very careful about buying a REO if your intent is make money. Even though the bank is usually anxious to sell it promptly, they are also motivated to get as much as they can for it.

Harmony Homes Realty has experience to share with foreclosures and bank owned properties in Brecksville, Ohio

When contemplating what to pay for a foreclosure, you need to look closely at comparable sales in the neighborhood and be sure to take into account the time and cost of any repairs or remodeling needed to prepare the house for resale. The bargains with money making potential exist, and many people do very well buying foreclosures. Still there are also many REOs that are not good buys and not likely to turn a profit.

All set to make an offer?

Most mortgage companies have a department dedicated to REO that you'll work with in buying REO property from them. To get their properties advertised on the local MLS, the lender will frequently hire a listing agent.

Before 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 what they know concerning the condition of the property and what their process is for accepting offers. Since banks usually sell REO properties "as is", it's often prudent to include an inspection contingency in your offer that gives you time to check for unseen damage and retract the offer if you find it. If, as a buyer, you can provide documentation proving 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 is generally true for any type of real estate offer.)

Once you've presented your offer, you can expect the bank to make a counter offer. Then it will be your decision whether to accept their counter, or make another counter offer. Your transaction could be settled in one day, but that's rare. Since offers and counter offers usually allow a day or more for the other party to respond (and employees at a bank don't work nights or weekends) you could be looking at a week or longer.

* MOL = More or Less