Home Buying in Austin>Question Details

Zahed, Other/Just Looking in 78728

What does REO Occupied mean? Is this bank owned or rental? How long is the lease on the rental? How do I discover the details?

Asked by Zahed, 78728 Thu Mar 27, 2014

This question is about this property: http://www.trulia.com/property/3150192649-1617-Chasewood-Dr-…

1617 Chasewood Dr, Austin, TX - REO Occupied - the seller does not represent or guarantee occupancy status. NO VIEWINGS of this property. Please DO NOT DISTURB the occupant. "As is" cash only sale with no contingencies or inspections. Buyer will be responsible for obtaining possession of the property upon closing.The property at 1617 Chasewood Drive, Austin, TX is a Residential Other property with 5 bedroom(s) and 3.5 bathroom(s) and is 0 square feet.Live bidding is ACTIVE for this property, sold in "as is" condition with no contingencies or warranties. Cash only. Make your bid now!

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It means the property is bank owned but someone is living there, it could be the owner or tenant. If you ended up purchasing the property and that you are a good talker then you can talk to them and let them know that you are now the current owner. They can either move out or pay you rent. You may want to offer them some money so they are willing to leave and didn't damage the property. If they are not willing to compromise you will need to evict them.

I hope this helps!
Susie Kay, RealtorĀ®
GRI, CHMS, SFR
Residential/Commercial/Investment
------------------------------------------------------------------
United Real Estate
III Lincoln Centre, 5430 LBJ Freeway #280
Dallas, TX 78240
469-371-2899
susie_k@att.net
http://www.dfwdreamhomes.net

Servicing your real estate need is my priority!
0 votes Thank Flag Link Thu Mar 27, 2014
Hi,

What this typically means is that there is an occupant currently residing there. I checked in our MLS and it would appear that the owner is still residing there. I was not able to find any leased or sold record of it in our MLS, even going back several years.

Since this home is being sold at auction, there is likely no guarantee of a clear title and the new buyer would need to initiate eviction proceedings against the occupant.

Are you looking for other homes in Scofield Farms? I would be happy to help you find something that fits your needs if this one doesn't work out.

Thank you,

Jordan Gouger
Realtor
Keller Williams
512-693-9297
0 votes Thank Flag Link Thu Mar 27, 2014
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