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Glascock County, Georgia Homes For Sale. Find a Wholesale Bank-Owned REO in Glascock County, Georgia, GA:
Featured Topic: REOThe time required to purchase an REO is generally much shorter than a short sale as REO's will already have a list price that the bank has agreed to. Once you make an offer to purchase a REO, banks generally present a counter-offer that may be at a higher price than you expect, but they have to demonstrate to investors, shareholders and auditors that they attempted to get the highest price possible and you should definitely plan to counter the counter-offer. Conventional financing is available for REO properties but will require a substantial down payment, good fico score and documented income. The last downturn in the real estate market created many millionaires who were able to buy and hold cash flow positive REO properties. REO listing agents are judged by the banks on their ability to find worthy buyers that can close escrow without hassles. A failed escrow is a negative mark on their record. When offering on long term cash flow REO's, it is important that investors consider the long term viability of the neighborhood as it relates to local economy, employment and desireability When buying REOs from a lender the investor must submit their offers on standard realtor forms. The banks do not like to see custom investor looking contracts. Because they are vacant, many REO homes get vandalized and sustain damage. Many vacant REOs are subject to code enforcement citations by the local municipality creating an even larger potential liability for the bank that owns the property. There are different formulas to determine wholesale, retail and rental REO deals. It is important to have clarity before buying in this unstable market. Even if an REO has fresh paint, brand new carpet, new appliances, perhaps even a new roof or siding, it doesn't mean everything in the house is new, or even works. REO buyers, don't rule yourself out of qualifying for FHA loan to buy a home or refinance your existing mortgage because of credit issues until a mortgage professional has reviewed your credit. REO listing agents make money by either selling a lot of REOs or operating as a dual agent. Under dual agency, the REO listing agent will earn both the listing commission and the buyer's agent's commission. HUD does not warrant the condition of its REO properties, but will give you the information it has about the condition of the property you’re interested in. You can use this information in formulating your bid. Many investors shy away from REO properties or HUD homes because they feel they have less negotiating power or simply lack the capital to make aggressive offers and play along with the rules that REO lenders stipulate. Many REO buyers select an area that they like, drive the streets and collect agent and property details off of the signs. In this regard they are able to touch and feel an area in a way that can't be done over the computer. Many municipalities are fighting the subprime blight in their communities by levying heavy code enforcement fines at REO buyers. Many investors believe that the current drop in Southern California REOs mean that the market has bottomed. If the house does not sell in the auction, it reverts back to the bank. The lender now has the right to sell the property as an REO (real estate owned), the third and final phase of a foreclosure. Once the foreclosure has been initiated the bank or loan company legally has the right to sell the property regardless of whether the owners have moved out or not. The foreclosure auction is different than an REO property. |
