HELP! on Foreclosure Blog / Forum

Bank-Owned REO (Real Estate Owned) Assets

2008-01-06T10:41:00.000-08:00

A bank owned property is also know as an REO, or Real Estate Owned property. REO properties come in many shapes and sizes, including Single Family Residences (SFR), Condominium (Condo), Planned Unit Development (PUD), Multi-family Property (Multi), or vacant land (Land). Once a lender or bank has foreclosed on a property, they go through a few steps prior to publicly listing the property for sale, including securing the property (eviction, lock changing, etc.), clearing title of any liens, and any minor repairs so that the property meets FNMA lending guidelines. Some properties may be beyond repair due to damage or fire, and are sold for cash only, and buyers cannot obtain a mortgage for them.

Below are links to many of the Nation's top Mortgage Lenders, Banks and Servicers foreclosures listings and Real Estate Owned assets currently for sale.

Countrywide Home Loans REOs

Visit HELP on Foreclosure for information and resources.

FSBO (For Sale by Owner)

2008-01-06T09:48:00.000-08:00

In today's declining real estate market, the services of a licensed real estate agent will go a long way. Many homeowners who are on their way into, or in default, will often try the FSBO route without knowing what they're in for. Also, many real estate agents won't show an FSBO listing, for a couple of reasons:

An FSBO listing won't come up in the local MLS (Multiple Listing Service) which is the tool Realtors use to search for properties. If it's not in the MLS, they don't know it exists and therefore can't show it.
When a homeowner trys to sell on their own, they're essentially saying that they don't want to pay Realtor commissions, and Realtor's often will not show an FSBO to perspective clients.

Even though Realtor commissions may seem unreasonable, they pay off in the long run as the Realtor takes care of all the marketing, and they resolve the myriad of problems that come up during the transaction.

Visit HELP on Foreclosure for more information and resources.

Welcome to the HELP! on Foreclosure Blog

2007-12-10T19:41:00.000-08:00

Thanks for stopping by. This blog was created as a resource for those who have questions, comments, opinions, and want to share and learn about foreclosures, short sales and anything in between.

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