Typically, a REO (Real Estate Owned) Property is a property that a lender has acquired following some type of distressed property disposition which could be a foreclosure auction, surrender of property by the borrower owner by deed-in-lieu, etc. Lender has no benefit from property ownership and therefore wants to sell the property at best possible price and as soon as possible. In strong seller market the lender will be able to sell the property at the same price as standard retail sales. However, in weak seller market the normal marketing times for standard retail sales are extended and lender will lower the price to shorten the marketing time.
Our REO program provides the lender all necessary real estate services for selling REO properties. These include: Cash for keys, readying property for sale (arranging rekeying, code violations removal, winterization, vacant property registration, interior and yard clean up, etc.), ongoing services while property is on market (MLS listing, monthly status reports, managing curb appeal, offer management, and tracking progress during escrow until closing), as well as effective handling of issues that often arise (delinquent taxes, HOA dues, utility bills, etc.)
If you are a lender with a REO property we would like to invite your inquiry for a REO listing assignment.