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Sell or Buy Homes with Confidence

BUYING A BANK-OWNED PROPERTY OR (REO)

Buying a Real Estate Owned property, commonly known and referred to as a bank-owned home, is a little different than a traditional purchase.

The bank or financial institution that owns the property often sells the As-Is. Many times, the utilities may not be turned on, and sometimes it is up to the Buyer to have utilities turned on by them for their due diligence during their inspection period. Although a bank-owned property may populate in your search, it is very important to contact an experienced agent to ensure it is financeable. Your loan type can also be important in selecting an (REO) property.

The transaction process is similar to a regular Real Estate purchase, and you will be given time to conduct inspections. It is very important to keep the contract timelines with all Real Estate transactions, especially concerning Bank-owned properties. Not following or meeting a closing deadline can incur penalties which could cost you money.

Hiring a Realtor who is very familiar with the REO process is always recommended. Numerous banks have a similar process, and it is important to understand and follow the process to a successful closing.

The incentive for buying a banked-owned property is the considerable savings you can potentially receive. It is always recommended to consult a Realtor to check the comparable homes in the area to see if the savings justify the price you purchase the property for. I'm very familiar with the process and encourage you to contact me today.

(520)906-1621 aidas@tucsonforsale.net

How to Price Your Home

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Learn the insight on how to price your home and valuable tips that can increase your home's value.