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Morris County Local Agent Pablo Lopez

Real Estate Own Specialist REOS™

Real Estate Own SpecialistYou made it this far because your are seeking to buy or invest in a Foreclosed home also known as REO property. The term REO is simply defined as: "REAL ESTATE OWNED a non performing asset owned by a Major Bank, Trustee, Mortgage Lender", REO's are homes that are already foreclosed by the Mortgage Lender, Bank, Mortgage Holder. These properties have gone thru the process of Sheriff sale "real estate auction" & reverted back to the mortgage holder because the asset did not liquidate at the auction.

What do you need to know?

What you need to know when purchasing an REO property? Buying an REO property can be complicated; buyers, investors & their agents looking to tap in to the REO property market need to be well educated and up to date with current market conditions, sellers requirements, & the entire process. Most importantly & a very important part of the puzzle is your Real Estate agent. Establishing an agency agreement with the right REALTOR® can very well mean the difference between a successful transaction or disappointments & frustrations.

This outline should give you a head start on your due diligence for more detailed information on how to buy an REO property contact me for a confidential consultation:

  • You should conduct all inspections and assessments before making an offer;
  • You should make your best and highest offer your first offer;
  • You should read all the addendums & understand what you are signing;
  • Your offer can take days to be accepted;
  • You want to be ready to close with a mortgage commitment or cash;
  • REO Sellers are looking for the highest and best Net Offer;
  • REO Seller usually won't make any repair concessions;
  • REO "Foreclosed Homes" are generally sold as is condition;
  • REO Sellers set the rules of the game;
  • The Buyer should meet all deadlines or pay penalties;
  • REO Seller designate the local closing Attorney and Title;
  • REO Seller can and will cancel the sales contract for any reason;
  • REO Seller don't offer lease or rent options;

Buying an REO "foreclosed home" may or may not be for you, there are many fine homes in the market at this time either way; this is the right time to buy your next home.