Interested in REO property or a foreclosure in Brentwood?


	Purchasing a bank-owned property is not something to be taken lightly. For more information, just contact me through my site or e-mail me. I'm happy to address any questions you have regarding real estate foreclosures.

What is an REO?

"REO" or Real Estate Owned are houses which have completed the foreclosure process that the bank or mortgage company currently holds. This is unlike a property up for foreclosure auction. Benchmark Realty has experience to share with foreclosures and bank owned properties in Brentwood, Tennessee

Benchmark Realty has experience to share with foreclosures and bank owned properties in Brentwood, Tennessee

If you buy a property during a foreclosure sale, you must pay at least the loan balance plus any interest and other fees added during the foreclosure process. You must also be ready to pay with cash in hand. Finally, you'll get the property entirely as is. That could include existing liens and even current residents that need to be thrown out.

A bank-owned property, on the other hand, is a more tidy and attractive deal. The REO property was unable to find a buyer during foreclosure auction. Now the bank owns it. The bank will take care of the removal of tax liens, evict occupants if needed and generally organize for the issuance of a title insurance policy to the buyer at closing.

You should be aware that REOs may be exempt from standard disclosure requirements. For example, in Nevada, it is optional for foreclosures to have a Property Disclosure Statement, a document that usually requires sellers to disclose any defects of which they are knowledgeable. By hiring Benchmark Realty, you can rest assured knowing all parties are fulfilling Tennessee state disclosure requirements.

Am I assured a low price when investing in an REO property in Brentwood?

It's sometimes believed that any foreclosure must be a steal and an opportunity for guaranteed profit. This frequently isn't true. You have to be cautious about buying a repossession if your intent is make money. Even though the bank is often anxious to sell it fast, they are also looking to get as much as they can for it.

Benchmark Realty has experience to share with foreclosures and bank owned properties in Brentwood, Tennessee

When contemplating what to pay for a foreclosure, you need to look closely at comparable sales in the neighborhood and be sure to take into account the time and cost of any repairs or remodeling needed to prepare the house for resale. The bargains with money making potential exist, and many people do very well buying and selling foreclosures. However there are also many REOs that are not good buys and may not be money makers.

All set to make an offer?

Most banks have staff dedicated to REO that you'll work with while buying REO property from them. To get their properties advertised on the local MLS, the lender will typically use a listing agent.

Prior to making your offer, you'll want to contact either the listing agent or REO department at the bank and learn as much as you can about what they know regarding the condition of the property and what their process is for taking offers. Since banks almost always sell REO properties "as is", it's often prudent to include an inspection contingency in your offer that gives you time to check for hidden damage and cancel the offer if you find it. As with making any offer on real estate, you'll make your offer more attractive if you can include documentation of your ability to pay, such as a pre-approval letter from a lender.

After you've submitted your offer, it's customary for the bank to make a counter offer. At this point it will be up to you to decide whether to accept their counter, or submit another counter offer. Realize, you'll be working with a process that usually involves a group of people at the bank, and they don't work evenings or weekends. It's not unusual for there to be days or even weeks of negotiating back and forth.