Interested in REO property or a foreclosure in Breckenridge?


	Investing in a bank-owned property is not something to be taken lightly. For more information, simply contact me through my site or e-mail me. I'm glad to answer questions you have about real estate foreclosures.

What's an REO?

"REO" or Real Estate Owned are properties which have completed the foreclosure process that the bank or mortgage company now owns. This is unlike a property up for foreclosure auction. Colorado Premier Resort Properties has experience to share with foreclosures and bank owned properties in Breckenridge, Colorado

Colorado Premier Resort Properties has experience to share with foreclosures and bank owned properties in Breckenridge, Colorado

If you buy a property during a foreclosure sale, you must pay at least the loan balance plus any interest and other fees accumulated during the foreclosure process. You must also be able to pay with cash in hand. Finally, you'll accept the property totally as is. That might include current liens and even current tenants that need to be evicted.

A bank-owned property, by contrast, is a much cleaner and attractive option. The REO property did not find a buyer during foreclosure auction. Now the lender owns it. The lender will attend to the elimination of tax liens, evict occupants if needed and generally organize for the issuance of a title insurance policy to the buyer at closing.

Note that REOs may be exempt from typical disclosure requirements. For example, in North Carolina, it is optional for foreclosures to have a Property Disclosure Statement, a document that ordinarily requires sellers to tell you about any defects they are informed of. By hiring Colorado Premier Resort Properties, you can rest assured knowing all parties are fulfilling Colorado state disclosure requirements.

Are REO properties a bargain in Breckenridge?

It's frequently assumed that any REO must be a good deal and a chance for easy money. This frequently isn't true. You have to be cautious about buying a REO if your intent is make money. While it's true that the bank is often anxious to offload it promptly, they are also looking to get as much as they can for it.

Colorado Premier Resort Properties has experience to share with foreclosures and bank owned properties in Breckenridge, Colorado

When contemplating the value of 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. It is possible to find REOs with money-making potential, and many people do very well buying and selling foreclosures. Still 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 in 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 learn as much as you can about their knowledge concerning the condition of the property and what their process is for taking offers. Since banks usually sell REO properties "as is", you'll want to be sure and include an inspection contingency in your offer that gives you time to check for unseen damage and terminate the offer if you find it. As with making any offer on real estate, providing documentation showing your ability to secure financing may make your offer more attractive, such as a pre-approval letter from a lender.

Once you've made your offer, it's customary for the bank to counter offer. From there it will be up to you to decide whether to accept their counter, or offer a counter to the counter offer. Your deal could be final in one day, but that's usually not the case. 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.

Colorado Premier Resort Properties P.O. Box 929 100 N. Main Street, Ste 105 Breckenridge, CO 80424-0929

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