Sue Pickard

Broker, ABR,GRI,CRS,SRES

Bank Owned Properties - (REO / Foreclosed Homes)



Buying bank owned properties
There is a lot of interest in buying bank owned properties these days.  A lot of information, some good and some bad, is floating around about the subject.   Often the information offered is for sale, with the promise that you can make a lot of money with little effort once you know 'the secret formula'.  The fact is that there are no secrets, and to make money does require effort.

What's an REO?
REO stands for "Real Estate Owned".  These are properties that have gone through foreclosure and are now owned by the bank or mortgage company. 

Is it a bargain?
It's commonly assumed that any REO must be a bargain and an opportunity for easy money.  This simply isn't true.  You have to be very careful about buying a REO if your intent is to make money. 

Ready to make an offer?
Most banks have a REO department that we'll work with in buying a REO property from them. 

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