Nordine.com’s REO inventory in Los Angeles
We at Nordine have an extensive real estate owned (REO) inventory.
REO foreclosures don’t necessarily mean that the property is a bad investment. On the contrary, such foreclosures provide a unique opportunity for buyers and investors.
In general, real estate owned foreclosures are priced below market value—making them attractive to bargain hunters, buyers on a budget, and investors.
Here are 3 more advantages of buying an REO home:
- Transactions are easier. As the property is now in the possession of the bank, transactions are relatively more straightforward. You won’t have to deal with reluctant homeowners who might still be attached to the property. With REO, transactions are cut and dried; negotiations on price and other details don’t have to take an emotional turn.
- Discounts can be enjoyed. REO homes are usually offered at a discount. And, as a bonus, REOs aren’t saddled by outstanding taxes as these have been written off by the bank. Getting rid of such encumbrances entices more buyers to the property.
- Homes have been inspected. REO property is generally inspected before purchase for obvious reasons. However, this does not happen in a foreclosure auction.
Buyer beware
But, as with all investments and big purchases, it is important that you know what you are buying into.
Remember, REO foreclosures are properties that have been taken in by the bank. This happens when the former owner defaults on his mortgage payments.
Now that the property is owned by the bank, the goal of the bank is to get rid of it as soon as possible. The longer the property stays empty and unsold, the faster it depreciates.
So if you’re thinking of buying an REO home:
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- Look at its condition, history, and market value
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- Compare the value of the home with the bank’s asking price
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- Research….always.
Here at Nordine, our REO inventory is painstakingly chosen to make sure you get first dibs on the best selection of real estate around.
