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REO (Real Estate Owned) is a property that a mortgage lender has repossessed because the property was not purchased at the foreclosure sale.
In most cases, there is nothing wrong with the property other than the previous owner could not afford the repayments. In fact, purchasing an REO is considered by many the safest way to buy real estate because there is no risk to the buyer and no tenants to evict.
All homebuyers have the right to have a house inspected by a qualified assessor or appraiser.
A bank or mortgage lender does not want to have a property on its books for long and usually wants to sell the house as quickly as possible. Generally, the lender will offer a lower purchase price for the property, sometimes as large as 20% off the comparative market price.
Purchasing REO Foreclosures is the simplest way for first time homebuyers and experienced investors to buy properties. Due to the need for a quick sale, the lender usually covers all taxes and other problems, such as evictions etc., making the purchase as straightforward as possible for the homebuyer.
With an REO Foreclosure there are no back taxes or liens to worry about. When a bank repossesses a home it always provides a good, clear title. This means when you buy the house you know that it belongs to you and no one else.
If you are looking to buy or sell a home in Bermuda Dunes, Cathedral City, Desert Hot Springs, Indian Wells, Indio, La Quinta, Palm Desert, Palm Springs, Rancho Mirage, the Coachella Valley or any of these local country clubs: Mountain View Country Club, The Citrus, The Hideaway, The Tradition, PGA West, Trilogy, La Quinta Resorts, Del Webb's Sun City, Indian Wells Country Club, Indian Ridge, Toscana Country Club, The Reserve, Big Horn, Rancho Las Palmas, Mission Hills Country Club, Palm Valley Country Club or Indian Springs Country Club, we hope you will give us the opportunity to help you.