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Elenor, Home Buyer in Valley Ranch Associa...

How can I see REO property?

Asked by Elenor, Valley Ranch Association, Irving, TX Sun May 2, 2010

How can I see REO property?

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9
Hello Elenor,

Almost all REO property is in the MLS. You will be best served by getting in touch with a local Realtor who can search for those home specifically for you. I would recommend that you do not limit yourself. While you can get a great deal on an REO home you can also get a great deal on a lot of properties in this market. So don't limit yourself. Banks sell REO's for as close to market value as possible but there are plenty of motivated sellers with homes priced competitively that will be of comparable value to anything in the REO market.

Good luck with your search.
0 votes Thank Flag Link Mon Jul 12, 2010
Elenor,

REOs may seem attractive, but it does limit your ability to see all properties that may be what you're looking for. If an owner is in pre-foreclosure and offers his home on a short sale, for example, or a home is listed well below market by its owner, who is not in trouble, then either of these cases would not show up in your list of REOs.

A more complex search is called for to help you sift through all the properties. Banks may appear to be stupid, but the listing agents for REOs are not. Most often REOs are listed at fair market values.

Fair market value means that if the property were purchased at asking price, fixed up and re-sold at the purchase price plus fix-up costs, it would fetch the same price. Your transaction costs (closing etc) would be larger than your profit.

Showings on REOs are similar to other listed properties. Ask a Realtor to show a property, and they'll set up an appointment. If the bank has not yet released the inventory for showing, then no one can see it.
Web Reference: http://www.SumnerRealty.com
0 votes Thank Flag Link Sun May 16, 2010
Hi Elenor,
I can set up an automated search for REO Properties in our MLS system, if you have already found a property send me the information, I will review it if it is still on the market. You can also search online http://www.dallashomelist.com which has a MLS search and some of the properties are REO properties.
Let me know.
Sincerely,
Pelin
http://www.dallashomelist.com
0 votes Thank Flag Link Mon May 3, 2010
I have put many REO offers in and my broker lists exclusively REO properties. As an added bonus I give 20% of my commission back to all my Clients. Dont hesitate to call me at 214-682-0598.

Thanks
RJ
0 votes Thank Flag Link Sun May 2, 2010
The answer is find a good Realtor. I happen to know one and he has experience with REO property.
0 votes Thank Flag Link Sun May 2, 2010
I could help you with the property. If you would like my help - my number is 214 862 2457. I am in the Dallas area and I can guide you through the process.
0 votes Thank Flag Link Sun May 2, 2010
In order to effectively work with a Realtor need to determine what you are qualified for via your lender unless you are cash buyer.

Once that is determine properties can be sent work within your specifications and lender requirements.

Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
972-699-9111
0 votes Thank Flag Link Sun May 2, 2010
REO property than can be viewed will be limited to those homes which are actively on the market in the Multiple Listing Service. Any agent can help you with those; REO properties that have not been placed in the open market by their selling lenders are typically not yet available for purchase and cannot be viewed until they are actively being marketed for sale. There are a limited number of very small exceptions to this and are mostly comprised of multi-million dollar residential properties with a smattering of commercial properties. If you need assistance with REO properties in the Irving area I am happy to assist and have information about those being marketed, as well as those soon to come to market.
Web Reference: http://www.kim.ebby.com
0 votes Thank Flag Link Sun May 2, 2010
Any local agent can help you--contact any realty office(s) and inquire about the status, making an appointment for a showing, etc., or contact any local Trulia contributor(s) directly and ask.
0 votes Thank Flag Link Sun May 2, 2010
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