In today's economy, the number of distressed properties on the market is ever increasing, which can be beneficial to real estate investors. As with all investments, to be successful it is necessary to be very knowledgeable about what exactly is out there to purchase.
REO properties are flooding the real estate market, including homes for sale in Columbia, South Carolina and surrounding areas. They can be very lucrative if you know what to look.
REO stands for "Real Estate Owned" which means the property is now owned by the bank or mortgage company. These properties did not find a bidder during a foreclosure action, which is actually fairly common. In foreclosure auctions a buyer must have a cashier check ready to pay for the property's remaining loan balance, accrued interest, attorney's fees, and costs associated with foreclosure. They also must take the property and title completely "as-is", including tax-liens. Buyers may also find that a person is still residing in the property as well.
With REO's, the process is much cleaner. The seller is out of the transaction meaning the only people you have to interactive with are the bank, the bank's agent, and your agent. You are able to inspect the home prior to purchase. The bank will also handle evictions if necessary, in additional to clearing the title of all additional liens to prevent title/claim problems. A title insurance policy is also typically included in the sale.
Is it a bargain?
REO properties are considered by banks to be "non-performing assets", meaning that they want to get rid of them as quickly as possible. However, banks do have strong motivation to get as much as possible for the sale. With that in mind, it is important to do research before purchase by looking at comparable sales in the neighborhood and to take into consideration costs for repairs/remodeling.
But there are still many bargains out there to take advantage of. REO's are often sold for less than the remaining loan balance and banks can offer attractive financing options.
Options for making a profit off your REO purchase include:
- Renting (great if you desire a steady cash flow)
- Living in it
Exit Real Estate Solutions is here to assist you with your real estate investments. We have many experienced agents who can guide you through the process of finding and purchasing a bargain REO property.
Please feel free to contact us at our website or call us at (804)708-2646 to learn more and start making money today!
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Blog Signature: Columbia SC REO's, Foreclosures, Financing, Lexington SC REO's, Real Estate Owned, Irmo SC REO, What is an REO?, Columbia Listings, Homes for Sale, Columbia SC Real Estate, Investment Opportunities, Lexington SC Real Estate, Irmo SC Real Estate , REO Listings, Blythewood REO's
Buying or selling a home or property should be one of the most enjoyable experiences of your life. Most of the time, it's the largest investment you will make. Jae Kim of EXIT Real Estate Solutions in Columbia, SC is your Award Winning Real Estate expert in Blythewood, Columbia, Lugoff, Elgin, Lexington, Irmo,Chapin, Camden, Cayce, West Columbia, and the rest of Greater Columbia. This is what we do every day. We can simplify the process for you so that you can enjoy the the experience and avoid the pitfalls that often result in stressful transactions. Call 803-348-3052 today for World-Class, Award- Winning representation.