Purchasing resources for Real Estate Owned


Business directory to real estate owned listings.

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Illinois Foreclosed Homes for Sale

Find Illinois foreclosed homes for sale. Get access to updated daily listings of Real Estate Owned homes and all types of foreclosures in Illinois.

http://www.foreclosuredeals.com/list/il/
Foreclosure Listings

Quickly find providers of business foreclosure listings and commercial foreclosure listings. Review listings for sources of paid and free foreclosure lists, including distressed properties and corporate foreclosures.

www.business.com/real-estate/foreclosure-listings/
Appraisal Class Online

Business directory to appraisal classes online.

www.business.com/real-estate/appraisal-class-online/
Real Estate Owned (REO) for Beginners

Source: /guides/real-estate-owned-reo-for-beginners-30048/

If you are entering the real estate market, then you will want to know about investment properties that are real estate owned. For beginners, you this involves learning about what constitutes this type of property and the procedure for buying it. Read More »

Real Estate Owned Key Terms

Source: /guides/real-estate-owned-key-terms-38358/

Real estate owned (REO) properties are those owned by the mortgage company after a foreclosure auction that did not result in a sale. REO properties are common as a result of their accompanying large amounts of money owed to the bank that keep shoppers looking for a bargain during foreclosure auctions. Read More »

Real Estate Owned (REO) Foreclosures


Real estate owned is commonly referred to as an REO or bank owned property in the foreclosure market. After an unsuccessful auction, the lender will try to recoup some of its losses by trying sell the property either through another auction or through a realtor. To make the listing more enticing, the bank will generally remove some of the liens and other expenses on the property.

Generally speaking, real estate owned properties are in poor shape and, with some exceptions, are sold "as is." These make them ideal for real estate investors, because the low price can more than compensate for the condition of the property. Consider the following suggestions when forming your real estate owned list of properties:

1. Review real estate owned listings in your area.

2. Hire a home inspector with an REO background to help identify renovation and repair costs.

3. Find a real estate owned provider or broker to assist you with your purchase.

Find real estate owned listings in your area

First and foremost it is important to take a cursory look at the REO listings in the area you are considering. This allows you to review preliminary real estate owned information to rule out some properties and put others on your short list, based on your knowledge of the area.

Hire a real estate owned home inspector to help calculate repair and renovation costs

Do your homework before making an offer by calculating the costs of repairs and renovation, including the time to complete them. A home inspector with an REO background can help identify what repairs need to take place. A real estate owned property is only a bargain if you don't end up sinking too much cash into it.

Find a real estate owned provider or broker to assist you with your purchase

An REO transaction can be much more complicated than a traditional home sale. Consider hiring an REO provider or broker to help guide you through the process. Their expertise can help you avoid pitfalls and ultimately help you negotiate the best deal possible.

  • If you are a licensed real estate agent and are interested in entering the business of selling and listing real estate owned properties, you are in demand. There are many real estate firms looking to employ agents interested in this growing, yet challenging, field.