Have you ever wondered, what is a REO property for sale? REO property for sale, otherwise known as real estate owned property for sale, is a kind of property that is owned by a lender. Usually, the lender is either a bank, government agency, or government loan insurer who takes possession of the property after an unsuccessful foreclosure auction and then attempts to resell it. Types of REO property for sale include commercial property like office buildings, single family homes, multi family homes, and condos. However, just about any property that has been foreclosed on can be turned into an REO property for sale.
If you are an investor looking to turn a profit, bank owned REO properties may be exactly what you are looking for. Purchasing bank owned houses for sale can result in an excellent return on investment. However, first you must learn how to how to buy REO properties for sale. This is not actually that difficult to do.
The majority of banks and other lenders let borrowers know about their REO property listings and also give borrowers assistance when they apply to purchase Reo property for sale. Unlike at an auction, there is no rush to place a bid on Reo property for sale.
Another good way to get an excellent ROI is to go through a short sale. During a short sale, the price paid for the property is actually less than what the lender is owed. However, because the transaction takes place prior to a final foreclosure, the buyer must negotiate with both the lender and the current owner.