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Sardis Homes For Sale. Find a Wholesale Bank-Owned REO in Sardis, Georgia, GA:
Featured Topic: REOMost REO purchases will be AS IS only, therefore the investor must inspect the property ahead of time and be aware of needed repairs and possible defects. Before making an offer on a REO, have your agent contact the the listing agent and ask the following questions: (1) Are there any inspection reports, (2) What work has the bank agreed to, (3) Is there a special "as is" form, (4) How long does it take the bank to accept an offer, and (5) How does your agent deliver the offer? In a competitive multiple bid process for an REO home, cash gives the investor and advantage over conventional and FHA financing. Monthly cash flow attained by purchasing and holding REO's can produce a substantial monthly income. Currently, many wholesale REO's in Southern California are being tied up under contract within a few days of being listed. Buying cheap cash flow REO's in bad areas will mean lower rents, higher tenant turn over and increased property management hassles for the hold investor. Sometimes the bank simply accepts the best REO offer at inception and goes directly into escrow.. Many of the poor condition and damage issues associated with REO homes is due to the homeower taking out their anger on the property. Dead grass and landscaping are targets for citations from code enforcement on REO held property. When calculating monthly cash flow be sure to include tax, insurance, management, municipal fees and vacancy costs. HomePath Mortgage Financing is available on Fannie Mae homes and a down payment of 3 percent can be funded by your own savings, a gift; a grant; or a loan from a nonprofit organization, state or local government, or employer. REO buyers should be aware of the following FHA loan qualification guideline: Two Years of steady employment, preferably with same employer. Remember that these guidelines are subject to change at anytime and you should stay abreast of current loan programs. REO listing agents generally represent the seller, not the buyer. A cash REO buyer does not need 30 or 45 days to close if the buyer is not obtaining a loan. Once the home inspection and other contingencies have been satisfied or released, closing can take place in as little as 3 to 7 days, providing the buyer is willing to sign a lead-based paint waiver. Before starting the process of buying REO Homes, you need to understand what is involved. In a market with so much inventory it is important to select an REO by area, condition and characteristics. This will be a desirable and marketable home when the market recovers. If you get your REO bid accepted, move quickly to get your docs signed and counter signed as the bank will still entertain offers until you are in escrow. REO tip...When inspecting an REO, check baseboards for discoloration and other evidence of standing water such as peeling floor tiles. REO Part II: Banks have departments that must maintain these homes, keep the lights on and keep the taxes paid. Banks cannot legally sell real estate directly to the public, so they enlist the services of a real estate broker to list the home for sale. The bank wants to sell the property for cash to invest in other ways. A bank will be looking for a quick sale, and as such may offer benefits and incentives to the prospective buyers. Savings of 20% to 30% off the fair market value are absolutely possible, making an REO purchase the best way to buy a property for the first time home buyer or property investor. |
