Looking for REO property or a foreclosure in CHARLOTTE?


	Purchasing a bank-owned property is not something to be taken lightly. If you have questions about real estate in CHARLOTTE, North Carolina, call me or send me an e-mail.

What is an REO?

"REO" or Real Estate Owned are houses which have been through foreclosure that the bank or mortgage company presently holds. This is different than real estate up for foreclosure auction. Integrity First Real Estate & Consulting has experience to share with foreclosures and bank owned properties in CHARLOTTE, North Carolina

Integrity First Real Estate & Consulting has experience to share with foreclosures and bank owned properties in CHARLOTTE, North Carolina

When buying a property during a foreclosure sale, you must pay at least the loan balance plus any interest and other fees accumulated during the foreclosure process. You must also be prepared to pay with cash in hand. Finally, you'll get the property completely as is. That could include current liens and even current tenants that need to be removed.

A bank-owned property, on the other hand, is a more tidy and attractive transaction. The REO property was unable to find a buyer during foreclosure auction. Now the lender owns it. The bank will handle the elimination of tax liens, evict occupants if needed and generally organize for the issuance of a title insurance policy to the buyer at closing.

Take notice that REOs may be exempt from typical disclosure requirements. For example, in California, banks do not have to give a Transfer Disclosure Statement, a document that typically requires sellers to tell you about any defects of which they are informed. By hiring Integrity First Real Estate & Consulting, you can rest assured knowing all parties are fulfilling North Carolina state disclosure requirements.

Is REO property in CHARLOTTE a bargain?

It is occasionally assumed that any foreclosure must be a steal and a possibility for guaranteed profit. This isn't always true. You have to be prudent about buying a REO if your intent is make a profit. While it's true that the bank is often anxious to sell it promptly, they are also motivated to get as much as they can for it.

Integrity First Real Estate & Consulting has experience to share with foreclosures and bank owned properties in CHARLOTTE, North Carolina

When considering the value of a foreclosure, carefully analyze 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 and selling foreclosures. Still there are also many REOs that are not good buys and may not be money makers.

All set to make an offer?

Most lenders have a department dedicated to REO that you'll work with while buying REO property from them. To get their properties advertised on the local MLS, the lender will usually use a listing agent.

Prior to making your offer, you'll want to contact either the listing agent or REO department at the bank and discover as much as you can about what they know about the condition of the property and what their process is for accepting offers. Since banks most commonly sell REO properties "as is", you may want to include an inspection contingency in your offer that gives you time to check for hidden damage and withdraw the offer if you find it. As with making any offer on real estate, you'll make your offer more attractive if you can include documentation of your ability to pay, such as a pre-approval letter from a lender.

Once you've submitted your offer, you can expect the bank to respond with a counter offer. At this point it will be up to you to decide whether to accept their counter, or submit another counter offer. Be aware, you'll be working with a process that usually involves a group of people at the bank, and they don't work evenings or weekends. It's not uncommon for the process of offers and counter offers to take days or even weeks. Integrity First Real Estate & Consulting is are used to working around the schedules of this type of seller and will do everything possible to ensure there are no undue delays.