McIntire Realty (“MR”) has a team of agents experienced in dealing with Real Estate Owned (“REO”) properties and have years of experience working in the REO field. MR has an in-depth understanding of the REO process, which makes buying a REO home a much easier task. There are currently millions of REO properties in circulation and they are constantly being sold everyday. REO properties come in all shapes and sizes and in all types of conditions. These properties are often sold ‘As Is’ and depending on the length of time that they are listed and how much activity a particular property has received, there is usually room for negotiating.
Properties become REO when an owner falls behind on their payments and they go into foreclosure. After the foreclosure process has been completed, the property then goes to auction. If there are no bidders on the property at auction, the lender takes ownership of the property and it falls into REO status. When working with Buyers to acquire a REO property, we take a similar approach as if we were searching for a traditional listing. There are several specific sites that focus on REO listings, but for the most part, active REO’s can be found throughout the MLS.
The benefit of pursuing REO properties is due to the fact that banks are in the business of banking, not real estate management or sales. Therefore, it is not in the best interest of the banks financials and lending power to grow a real estate portfolio. Additionally, it is very costly to banks to continuously manage these properties. As a result, banks prefer to sell their REO properties so they can make room for more loans.
If you are interested in learning more about REO properties and/or if you would like to tour different REO listings, contact us today!
REO/Asset Service Management
MR is positioned to work directly with banks and REO servicers in managing the sales, management, and maintenance of their REO portfolio’s. We work together to ensure the best possible results and an open line of communication. Our team is positioned to provide a turn-key solution for the entire REO sales process.
Asset Services management is a unique process that requires customization for each home. MR is positioned to offer both sellers and buyers a full service package including but not limited to BPO, HUD and property preservation and enhancement needs. In addition to helping banks reduce inventory, MR has a property management division that specializes in managing bank owned properties. MR is actively ready to meet the needs of banks, lenders and mortgage companies and we work hard to help reduce holding costs and ensure high recovery rates.
If you are interested in learning more about our REO Management services, please contact us today!