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Kershaw County, South Carolina Homes For Sale. Find a Wholesale Bank-Owned REO in Kershaw County, South Carolina, SC:
Featured Topic: REOThe prices on current REO inventory are well below building cost and make incredible buy and rent opportunities. Most banks will not provide financing on their REOs but it doesn’t hurt to ask - especially if the property has extensive damage and you are purchasing it as is. Being clear on exit financing allows the REO investor to define their price range and buy the same type of property over and over. Buying, renting and holding REO properties now will create a number of options for the investor in the years to come. Including financing contingencies on an as is REO offer can be a deal killer. Many novice investors do not consider the quality of the area they are buying in because they are fixated on buying the cheapest house they can find. Sometimes the bank simply accepts the best REO offer at inception and goes directly into escrow.. A property that is still in foreclosure does not yet belong to the bank and the homeowner must be engaged. An REO purchase does not involve the homeowner. It is critical that investors not be discouraged by Real Estate agents who speak negatively about creative REO buying. Many times they are just not familiar with the subject. Many REO properties with low price tags contain surprises in repair costs that can wipe out profit margins.It is important to have a professional opinion of cost for these repairs to ensure a safe purchase. If Fannie Mae knows of any hazards on REO properties they own or market, they disclose this information through their real estate listing agents. However, they may not have been informed by the previous owner of all hazards. They encourage you to have the property inspected by a professional before you buy. A loan prequalification for an REO purchase doesn't mean your loan is approved. You must apply for a loan separately, after you are prequalified and your purchase offer is accepted. Some banks will not sign a counter offer on an REO until all terms are mutually agreed upon between the parties verbally. 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. REO properties have some disadvantages too like, not all of are in good condition in some cases you may need to call gas, water & electric companies to get them turned on & also you will have to pay for all repairs. Ask a group of real estate millionaires how they made their money and most will recite some version of this axiom When everyone zigs, you zag. In today’s downward real estate market the axiom simply translates into buying property when most others are not and that’s exactly what REO buyers in Southern California are doing. When looking for the cheapest REOs, an investor should go out and really see the areas and inventory. Usually there is a reason for the low pricing. That does not mean that there are not super deals but the listing agents are pricing according to area, desirability and condition. They are looking to dump the house quick and you don't want a lemon REO. REO tip..when inspecting an REO take the time to look over the back walls. There can be some surprises such as mobile home park, apartment buildings, or busy street that could have an adverse effect on value. An REO is a property that has been foreclosed on and has reverted back to the ownership of the bank or lender. The REO option offers many more benefits and less stress than the foreclosure auction. |
