What Is Foreclosure And REO?
REOs may be vacant or in need of repair. But often they look and feel just like other homes for sale, and they're listed by a real estate agent. Although they're typically sold as-is, it's not uncommon for an REO to be in move-in condition. But the process of buying an REO is different than other home purchases. An REO property is one that's been foreclosed on and is now owned by the bank.
REO properties fall into two categories:
Move-in condition: The home is in acceptable condition and not in need of rehabilitation. You could buy this property and move in quickly. Damaged: A damaged REO generally needs repairs and rehabilitation before you can move in. These types of REOs are attractive to investors and some buyers who aren't daunted by the work involved in rehabbing a property. Often, you will get a bigger discount on damaged REO properties, but you have to consider refurbishing costs. Where can you find REOs for sale? I have an extensive list of websites and subscriptions to find and learn about foreclosures and REO's.Just contact us. Oddly enough, it isn't as easy as you think to spot and buy an REO. Most banks and other mortgage institutions do a poor job of marketing these properties.
Pros of buying REOs:
• The process is similar to a "normal" home purchase in that you can secure financing using a traditional mortgage. (Buying an REO property is nothing like buying a foreclosure property at auction with cash.)
• You'll be able to do inspections and secure financing before completing the purchase.
Cons of buying REOs:
• The process can take longer than a regular home sale.
GET IN TOUCH
Share
Local Expert Updates
Beth Toliver
Cell: 712.330.4793
Brooke Jones
Cell: 641.420.2172
Deb Goetzinger
Cell: 712.330.1232
Charlie Leissler
Cell: 712.229.9809
Jessica Stafford
Cell: 712.209.0710Community Updates
Spirit Lake Silver & Gold
Spirit LakeAs the only jeweler in the lakes area, you're sure to find everything you need at this established jewelry store. With over 30 years of experience, they have an eye for creating amazing pieces of jewelry. Whether it be an ever special engagement ring, or a beautiful necklace, they have every style imaginable, that is sure to take your breath away.
Arrowood Resort
OkobojiArrowood is a year-round conference center and hotel with over 100 guest rooms, whirlpool suites and a "Great Room" for hosting group events and hospitality suites. Formerly known as Village East, the resort offers an outdoor pool, deck, playground, volleyball and croquet courts and a heated indoor pool area. Hotel goers can also enjoy an on-site salon, Minervas Bar and Eatery and lit parking. Located on Brooks National Golf Course, Arrowwood Resort offers some of the finest lodging around. Years ago, Brooks Golf Course clubhouse was actually housed on the rear side of Arrowood, but since then, the course has been converted to 27 holes with a a new separate clubhouse. Also, the Racquet Club was a part of the facility, offering workout facilities, racquet ball, and tennis. However, with the addition of the YMCA, the racquet club was unsustainable and converted into retail.
Melanders
MilfordMelanders-downtown Milford
922 Okoboji Ave
Milford, IA 51351
New and used kitchen appliances, great selection, wide variety of the top brands. Local, helpful service.
Useful Resource Links
Area Schools
Colleges
Medical Facilities
Office Area
Town/City Information
Subscribe To Our Newsletter
The newsletter is sent periodically and will update you on the latest real estate news and offers.