Archive for April, 2008
Seven Reasons to Buy Hamilton Mill - Atlanta Area Bank Owned Homes
Related Posts: REO & Foreclosure
hiBank-owned homes, also known as REO homes (real estate owned), offer advantages over foreclosures. What distinguishes the REO home is that it has gone through the foreclosure process where no one was successful in bidding on it for purchase.
Why REO?
1) REOs are usually listed on the FMLS/MLS, so they’re easily searchable
2) REOs often include the appliances
3) REOs will sometimes provide an allowance for certain repairs by the lending bank
4) REOs are ordinarily improved to at least a salable condition whereas a foreclosure can be all over the board
5) REO homes can be inspected prior to contract unlike foreclosures at auction
6) Banks that own the REO property will sometimes provide better financing deals than they would with traditional properties
7) REO homes will have all liens against it removed and the taxes will be paid
Remember, banks are not in the home buying and home selling business, so they want to get rid of them quickly. REO homes provide opportunity to the diligent buyer.
If you would like additional information or would like to see which homes currently on the market within Hamilton Mill are bank owned, please give me a call or drop me an email and I will get the information to you within 24 hours. 678.279.4703 or Tom@DiamondDwellings.com.
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