REO’s are bank owned properties. They can be a great, fiscally, if you know what you’re doing. The time an REO is active is usually very short and the listing price is usually way under market value. My strategy with REO’s i to present the highest and best offer, the first time. Hmmmm. What is the highest and best offer? A real estate professional (such as myself) could provide you with their opinion of market value, based on a comparative market analysis. With a little paint, you could a bank owned property your home for a bargain. Message me for more information on REO’s.
What is a HUD home? Simply, it is a foreclosure. The government has certain agencies who guarantee mortgages. When a lendee defaults, the bank forecloses and sells the home to recover their losses. When an individual defaults on a government backed loan, the foreclosed property becomes a HUD home. Typically foreclosed properties are less expensive than standard sales, but they as usually sold as-is and need a bit of work. A buyer could find a HUD home at www.hudhomestore.com. Making an offer on a HUD home is similar to being at an auction, so be prepared for a bidding war!
I would love to help you locate a foreclosed property. Call me today!