When it comes to bulk REO packages, there can be great opportunities. This might be the only way for a homeowner to purchase a larger home than he ever thought possible for at least thirty to forty percent below its market value. With a REO home search homeowners can feel comfortable because it has grown so popular and is a great way to get a home.
After a foreclosure, the bank then owns the property. It evicts the former homeowners, pays any back taxes or association fees, as well as negotiating the removal of any other liens on the property. With the distressed value of property being the fact that it is the owner who is in default on the mortgage, bank reo listings are very beneficial for people who need a home at a reduced price.
So basically when it comes to a short sale, the final price of the home is less than the total amount owed to the lender, but the transaction closes before the lender forecloses, that way you negotiate with the owner and the lender. There are no difficult sales or pitches involved, and is easy to achieve.
So with either bank owned property for sale or Reo properties for sale, if you are on the market for a home, and you would like to get a deal, a distressed home is an option to look for. Keeping your options open when you are buying a home means it may be easier for you to become a homeowner.
Likewise if you are looking into bulk REO packages for a business, that can be beneficial as well. So whether or not you are in it for business or to be a homeowner, REO packages are definitely a great option to have.