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Comal County, Texas Homes For Sale. Find a Wholesale Bank-Owned REO in Comal County, Texas, TX:
Featured Topic: REOMany REO auction companies accept bids during the auction process only to reject it later on causing much frustration among auction bidders. 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? FHA financing is available for REO homes but generally will require the property to be in decent condition. With the currently low interest rates this is an optimum time to finance REO's for long term hold and cash flow. Real estate investors are already beginning to abandon their fears and pursue the abundance of wholesale REO's available creating a mini bidding frenzy in some Southern California communities. An educated, well researched offer can be profitable in almost any market but especially so in a down market with a glut of REO inventory. A copy of a check for one thousand dollars is usually submitted as a deposit with most REO offers. The offer typically states that the check will be placed into escrow within 48 hours of acceptance. When a home goes back to the lender in a foreclosure, it gets assigned to an agent who then will need time to clean up, secure and prepare the home for sale. An REO investor must take care to properly evaluate the condition of a listing and compare that with the standard of the active, pending and sold comparable homes in the area. Many investors make the mistake of guesstimating market rents when trying to determine monthly cashflow on an REO purchase. HomePath Mortgage financing is available from a variety of lenders both local and national. If an REO buyer has a Federal Tax Lien that is in a repayment agreement, you do not have to pay it off in full but you must be able to qualify with the monthly payment of the repayment agreement. State Tax Liens typically must be paid in full prior to closing your FHA loan on an REO. Most REO listing agents list only REOs and no other type of property. Fannie Mae and Freddie Mac have announced that they will implement a revised Home Valuation Code of Conduct effective May 1, 2009. This will have an effect on REO purchases made with loans. One more disadvantage of Bank Owned homes or REO Properties is you will not know about the past of the property, but this can be reduced by doing some research on property in public records. RealtyTrac released its mid-year 2009 U.S. Foreclosure Market Report Thursday, which shows a total of 1,905,723 foreclosure filings including default notices, auction sale notices, and bank repossessions were reported on 1,528,364 U.S. properties in the first six months of 2009. That figure represents a 9 percent increase from the previous six months and a nearly 15 percent increase from the first six months of 2008. Many of the successful REO buyers are leveraging relationships with REO listing agents and buying inventory that is not on the MLS. REO: this is an acronym for Real Estate Owned, and this used to be called the bank department that managed the properties the bank had reacquired through a foreclosure process An REO property allows you to gain access to the property for an inspection. Lenders have a responsibility to their shareholders and they lose money on non-producing assets. We expect REO activity to spike in the coming months as foreclosure delays and moratoria implemented by various state laws come to an end |
