Savvy buyers in today’s market are aware of the opportunity to save money with bank owned properties or REOs which stands for “Real Estate Owned” properties. They understand the situation and know that banks are motivated to offer deep discounts that typical sellers simply can’t match. This creates an opportunity for real estate agents that specialize in finding their clients the best property for the lowest possible price. Here’s some pros to bank owned listings:
- Deep pricing discounts up to 40% are common.
- Properties are usually in popular locations as banks screen neighborhoods prior to lending.
- Properties will need repairs. Most have sat vacant for years and have deteriorated or been vandalized.
- With REOs banks hold all the cards and they call all the shots. Dealing with their seemingly endless policies and processes can be time consuming and frustrating.