Buy An REO Property In Shreveport
Everybody wants a good deal, especially when you’re looking to buy a house and have your eye on residential real estate for sale in your area. Sometimes an REO property is exactly that kind of deal, as this category opens up many other homes for sale that you may have never considered before. But what is an REO property, anyway? REO stands for Real Estate Owned, and it refers to a property that’s been seized by a lender when the former owner can no longer make the mortgage payments on the home.
After a foreclosure happens, banks will often try to sell the property to potential home buyers at a foreclosure auction. If the foreclosed home doesn’t sell during the auction, it becomes an REO property. From there, you swoop in and get an awesome house for sale at a great price, right? Not exactly. First, REO properties are frequently sold “as-is,” so the property may need anything from a fresh coat of paint to major structural repairs. Next, making an offer on an REO property can be tricky, as you’ll need to be willing to buy the house regardless of its condition, and you’ll want an escape clause to let you out in case the place is a disaster. Along with all that, you shouldn’t necessarily expect the pricing to be a steal, either.
As you can see, dealing with an REO property is tricky, which is why the smart move is to partner with a REALTOR® that thoroughly understands their details and can help you navigate the muddy waters of REO real estate. In fact, I’ll help you through it all, from educating you about REO properties and evaluating the asking price to helping you determine any necessary repair work and getting you set up with an escape clause. Then, once we have determined that a particular home for sale is the best for you, we can move forward with closing the deal!
Since 2010, I have been heavily involved in numerous aspects of the real estate industry, including REO properties, short sales, and home buying and selling throughout Shreveport and the surrounding areas in Northwest Louisiana. Want to ensure you have the guidance you need? Get in touch with me online or by phone today to get started!