Home Buying in Matteson>Question Details

Anna, Home Buyer in Illinois

REO in Matteson below avg prices?

Asked by Anna, Illinois Wed Jul 9, 2008

Hello - I am looking into purchasing a reo property in the Matteson area. I have yet to look at the property but it is below the avg home price in the area and I'm wondering if the bank is trying to just get rid of it. The listing doesn't say it's a foreclosure, can I assume that it is? It's listed as a resale. Also, what is the down side of buying REO?

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Give me a call if you are still looking to get a mortgage. 630-330-2229

I can pre-approve the same day and am very competitive with rates and fees.

Sean Cochran
0 votes Thank Flag Link Wed Jul 16, 2008
REO's are bank owned properties and as banks are in the business of lending money on homes it's likely anything described as a REO is from a foreclosures. These properties often have deferred maintenance as the owner of record has little incentive to keep things up during the foreclosure process. I highly recommend a thorough inspection from a licensed contractor or inspector before submitting your offer. While the home is likely sold "as is" you can use the findings to justify a lower offer and the lender might use the report to justify accepting it to their board of directors.

Good luck to you and consider using my free online prequal calculator to determine how much loan you can likely qualify for @ http://www.gregzaccagni.com/RequiredIncomeCalc
0 votes Thank Flag Link Thu Jul 10, 2008
Anna,

I am pretty sure when you get out to the property you will find out why it is priced below market. If it looks like a great deal have your realtor check on similar recent sales in the neighborhood. If it still looks good to you go for it and make an offer! Happy house hunting!
Web Reference: http://www.markroncone.com
0 votes Thank Flag Link Wed Jul 9, 2008
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