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Orange
County REO / Bank Owned Properties
REO
Properties
REO stands for "Real
Estate Owned", which is the same as "Bank
Owned". An REO is different from a foreclosure
property in that the bank has already tried to sell it at a
foreclosure auction and has had no luck getting bids. Because
the property was not bid on, the bank then became the owner of
the property. Naturally, the bank does not want to keep the
REO any longer than possible, and this makes it a great
opportunity for a homebuyer or investor. Not every REO is a
great deal, but many are available for well below market
value. Bank owned properties are often the home of choice for
investors, as they can usually be bought cheaply, fixed up,
and re-sold (known as "flipping" a property). They
are also great for purchase as rental properties.
REO home
search
Search for bank
owned, REO properties in the South Orange County location of
your choice.
Why
purchase a bank owned, REO property?
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All liens against the property are
removed once it becomes an REO, and taxes are paid.
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Unlike properties at foreclosure
auction, REOs can be inspected prior to contract, and are
listed with real estate agents.
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While many foreclosures are often in
deplorable condition, REOs are typically restored to at
least a readily salable condition by the lending bank.
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The bank or lending institution that
owns the property will often offer financing with better
deals then they would offer on traditional properties.
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The bank or lender that owns the
property will often provide an allowance for certain
repairs.
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You can save money in your title
search if you use the same title company that the lender
used during foreclosure. They will often discount the cost
up to as much as 100%!
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REOs will often times include
appliances
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And most importantly.......you
can save a lot of money $$$
More advice on buying REO properties
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Have your agent run
a CMA (Comparative Market Analysis) on the home to be sure
you are getting a great price.
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Check the total cost
of ownership, including taxes, Mello Roos, association
fees, insurance, etc This is especially important if you
are buying the home for investment (e.g., as a rental
property).
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Related links:
If you are interested
in a South Orange County bank owned, REO, or
foreclosure properties, please call me. I will be
happy to assist you with a bank owned property in
Orange County, CA, as well as a regular home sale,
purchase, lease, lease-option, or rental.
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