Lagae Real Estate/Searches/REO

Bank Owned Properties

A number of clients are specifically looking to pick up a bank owned property (REO, Real Estate Owned.) These properties are often priced below the current market value and can be a great value. They rarely are in turn-key, move in condtion. Usual best case is that the property will need a new coat of paint and perhaps some flooring and minor repairs. Other properties may require major renovations, but then the price would reflect the property's condition.

Bank owned properties can usually close in a reasonable amount of time. I will often specifiy a 30 day escrow period if a loan is required or a 14 or even 7 day close for an all-cash offer. Some will close this quickly, others may need a little more time. In almost all cases the time frames are similar to a normal sale, and certainly much quicker than most short sales.

Many of the usual disclosures wouldn't apply to a bank owned property sale - the lender has little or no knowledge about the property. Due diligence is required to satisfy yourself as to the condition of the property. The lender may not pay the usual and customary seller closing costs (although this is actually a benefit for the buyer - the sales price would take that into account and the future property taxes would be slightly less as they're based on the selling price.)

It is very common for a bank owned property that's priced appropriately to receive a lot of interest when it's first put on the market. This is especially true if it's one of the lowest priced properties in a given area. I have seen plenty of cases where the property goes pending less than 48 hours after appearing on the MLS. Most such properties receive multiple offers and you're not always offered a counter-offer, the lender just accepts the best of the initial offers. If a counter offer is given, it's usually a notification that there are multiple offers and they're asking everyone for their best and final offer.

The searches are broken down by city, area or price. The searches could show single family homes, condominiums/townhomes or multi-residential properties.

PDF Instructions

The links below are to the .pdf files that contain the specified searches. If your browser is equipped to display .pdf files you can simply click on the link to see the file. Use your browser's back button to return to this page.

If your browser can't display .pdf files you can download the file to your computer and use Adobe Reader or a similar program to view the file. If you have any problems with any of these files please let me know.

If you would like to view any of these properties I would be happy to show them to you. Just let me know which ones you're interested in and we'll go from there.

June 8, 2010

Here are some of this week's bank owned properties for sale.

May 9, 2010

Here are some of this week's bank owned properties for sale.

March 11, 2010

Here are some of this week's bank owned properties for sale.

February 24, 2010

Here are some of this week's bank owned properties for sale.

February 4, 2010

Here are some of this week's bank owned properties for sale.

January 26, 2010

Here are some of this week's bank owned properties for sale.

January 19, 2010

Here are some of this week's bank owned properties for sale.

January 12, 2010

Here are some of this week's bank owned properties for sale.

December 29, 2009

Here are some of this week's bank owned properties for sale.

December 20, 2009

Here are some of this weekend's bank owned properties for sale.

December 13, 2009

Here are some of this weekend's bank owned properties for sale.




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