|When you’re buying or selling property in today’s real estate market, it’s important to have confidence inyour real estate professional.
My commitment as your local Realtor is to provide you with the specialized real estate service you deserve:
Getting the Best deal in an REO Transaction:
Many times I recieve calls from Buyers eager to buy a foreclosed property at “auction” or they ask me when an REO will be “auctioned off”. I usually ask them to clarify the term “auction”.
Many buyers think a listed property we advertise as a “Bank Foreclosed” or “Real Estate Owned” (REO) property will be auctioned off to the highest bidder. This does happen but usually after a home as been on the market for many months. Most newly arrived properties to the market, if in a good area, are now generating multiple offers and go over the asking price! Some Buyers, however, get confused over the foreclosure process.
A property will go to “trustee’s Sale” and this is very much like an “auction” but without all the shouting and drama!! One the County Courthouse the clerk asks if anyone wishes to bid on this property and then they give the foreclosure amount which is usually hundreds of thousands MORE than what we eventually will realize from a sale!
Some banks are now pricing their “trustee’s sale” properties at much lower than the foreclosed upon amount to generate a quick sale to get out from under the property. You sometimes can get a great price but you’ll need a cashier’s check to get the property–CASH!!