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REOs: The Good, the Bad and the Ugly

You might see it on the books of any bank - Other Real Estate Owned. It's simple. An OREO or REO is home whose ownership reverts to a lender.

How does it happen? A house with a high loan-to-value mortgage slips into distress. Owners miss mortgage payments. The lender must foreclose. At the foreclosure auction, potential buyers refuse to leap over hurdles and are not willing to bid the property's loan balance. They're are not willing to force an eviction or pay attorney's fees or accrued interest. The auction fails, and the property returns to the lender. Continued at right....

 

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In each new issue of Real Estate Bargains and Deals, we bring you great real estate deals and bargains, most of which are located in warm weather U.S. states.   Some are investment opportunities (possible fix and flips or rentals).  Others just need a little TLC to become a comfortable retirement dwelling, a second home, a vacation residence or a weekend getaway home.   
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Today's Great Real Estate Bargain

August 28, 2015

3 Bedroom, 2 Bath Home

Woodburn, Oregon

Woodburn sits between Salem and Portland in northwestern Oregon and is the setting for this 3 bedroom, 2 bath home for sale. It has an attached garage, neutral paint, a corner fireplace, a nice kitchen and more. The asking price is $169,000, which is 15% less than its current estimated market value.

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REOs: the Good, the Bad and the Ugly, continued....

Once the property is in the hands of the bank, the mortgage disappears. The lender will follow through with evictions as well as necessary preservation and repair. The lender will also pay off outstanding HOA dues and brokers with the IRS to remove tax liens.

Many of the larger banks have an asset management department to handle the disposition and resale of such properties. Smaller banks may not have such a department or person. But all may wish to rid their books of these non-performing assets.

 

Because of this, an REO may appear to be a good investment deal. Beware, though. First, finding one that is perfect for you may take lots of digging. When you're ready to make an offer, there is no real face-to-face, no friendly real estate agent, no formal presentation, no quick offers. Most banks, too, will resell REOs "as is" and rarely for less than market value.

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Articles

Pros and Cons of Living by the Water  |  Differences Between Condos, Town Homes, etc.  | History of the Home Mortgage  |  Yearly Home Maintenance Tips  |  Avoiding Scams that Target Older Adults  |  How to Cure Empty Nest Syndrome  |  How to Sell a Home Without a Realtor  |  Safety Tips for Retirees  |  Beginning Genealogy  |  10 Interesting Hobbies  |  Travel Tips for Baby Boomers  |  Fixing and Flipping Property  |  The U.S. Foreclosure Crisis  |  The Short Sale | How to Sell a House in a Down Market


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