Why Buy REO Bank Owned Property?
This article discusses the pros and cons of buying REO bank owned property. First we need to know and understand what a bank owned property is. A bank owned property is a property which has already gone through the foreclosure process and did not sell at the trustee’s sale so the property went back to the bank who foreclosed. Why would one want to buy a banked owned property? The answer to that is fairly simple. Most the time it is possible to get these types of properties for a real bargain or discount. Sometimes the bank simply wants to get rid of the property and will take pennies on the dollar of what was actually originally owed. This means huge savings for individuals. You may be thinking if there are huge savings how could there be any negative to buying a bank owned property? The first negative aspect to buying a bank owned property is these type of properties are almost always sold As-Is so buyer must beware. You’ll want to make sure that you do a thorough inspection of the pr
