Interested in REO property or a foreclosure in Attica?


	Foreclosed upon and bank owned property purchases require the assistance of an experience professional. Should you have any questions regarding real estate in Attica, Indiana, call me or send me an e-mail.

What's an REO?

"REO" or Real Estate Owned are properties which have gone through foreclosure that the bank or mortgage company currently owns. This is not the same as real estate up for foreclosure auction. Evelyn Wheeler Real Estate & Appraisals has experience to share with foreclosures and bank owned properties in Attica, Indiana

Evelyn Wheeler Real Estate & Appraisals has experience to share with foreclosures and bank owned properties in Attica, Indiana

When buying a property during a foreclosure sale, you must pay at least the loan balance plus any interest and other fees accrued during the foreclosure process. You must also be able to pay with cash in hand. To top everything off, you'll receive the property 100% as is. That possibly may consist of current liens and even current tenants that may require eviction.

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

Do be aware that REOs may be exempt from normal disclosure requirements. For instance, in California, banks are exempt from giving a Transfer Disclosure Statement, a document that ordinarily requires sellers to tell you about any defects of which they are aware. By hiring Evelyn Wheeler Real Estate & Appraisals, you can rest assured knowing all parties are fulfilling Indiana state disclosure requirements.

Am I guaranteed a low price when purchasing an REO property in Attica?

It is sometimes presumed that any REO must be a good deal and an opportunity for guaranteed profit. This frequently isn't true. You have to be cautious about buying a REO if your intent is to make money off of it. Even though the bank is often anxious to sell it promptly, they are also motivated to get as much as they can for it.

Evelyn Wheeler Real Estate & Appraisals has experience to share with foreclosures and bank owned properties in Attica, Indiana

Look carefully at the listing and sales prices of comparable properties in the neighborhood when considering the purchase of an REO. And factor in any repairs or upgrades necessary to prepare the house for resale or moving in. It is possible to find REOs with money-making potential, and many people do very well flipping foreclosures. However there are also many REOs that are not good buys and may lose money.

Ready to make an offer?

Most lenders have a department dedicated to REO that you'll work with when buying REO property from them. To get their properties advertised on the local MLS, the lender will usually 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 find out as much as you can about their knowledge concerning the condition of the property and what their process is for receiving offers. Since banks most commonly sell REO properties "as is", you may want to include an inspection contingency in your offer that gives you time to check for unknown damage and retract the offer if you find it. If, as a buyer, you can provide documentation showing your ability to pay, such as a pre-approval letter from a lender, your offer will be more attractive and likely be accepted. (This holds for any real estate offer.)

After you've made your offer, you can expect the bank to counter offer. Then it will be your decision whether to accept their counter, or make another counter offer. Your deal could be settled in one day, but that's rare. Since offers and counter offers usually allow a day or more for the other party to respond (and employees at a bank don't work nights or weekends) you could be looking at a week or longer. Evelyn Wheeler Real Estate & Appraisals is accustomed to these situations and will work to ensure there are no unnecessary delays.