What Are The Advantages Of Buying Bank-Owned Properties Or REO Homes?

For real estate investors and home buyers, bank-owned properties and REOs offer opportunities that are not available in the pre-foreclosure and auction phase of the foreclosure process. Buying bank-owned real estate offers the foreclosure buyer many advantages:

• Bank-owned properties are usually sold at below-market prices with great terms like low down payments and low interest rates.
• Buying bank-owned properties involves less risk and less competition.
• Foreclosures that are owned by banks are usually clear of any liens that may have been recorded against the property.
• Since the seller of REO homes is also the lender, HUD Home Network can negotiate with the bank to have them pay for all or some of the closing costs.
• Bank-owned properties are usually vacant because the banks have evicted the previous owner, saving the investor or homebuyer time, money and emotional toll involved in the eviction process.

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