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In each new issue of Real Estate Bargains and Deals, we bring you great real estate deals and bargains, most of which are located in warm weather U.S. states. Some are investment opportunities or rentals. Others just need a little TLC to become a comfortable retirement dwelling, a second home or a vacation residence.

 

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Today's Great Real Estate Bargain

March 29, 2017

3 Bedroom, 2 Bath Home

Banner Elk, North Carolina

Banner Elk is a cute town in rolling northwestern North Carolina and is the site of this 3 bedroom, 2 bath home for sale. It has an attached garage, a fireplace, a nice sized lot and more. The asking price is $124,900, which is 45% less than its current estimated market value.

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REOs: The Good, Bad and the Ugly

You might see it on the books of any bank - Other Real Estate Owned. It's simple. An OREO or REO is a home whose ownership reverts to a lender.

How does it happen? A house with a high loan-to-value mortgage slips into distress. Owners miss mortgage payments. The lender must foreclose. At the foreclosure auction, potential buyers refuse to leap over hurdles and are not willing to bid the property's loan balance. They're are not willing to force an eviction or pay attorney's fees or accrued interest. The auction fails, and the property returns to the lender.

Once the property is in the hands of the bank, the mortgage disappears. The lender will follow through with evictions as well as necessary preservation and repair. The lender will also pay off outstanding HOA dues and brokers with the IRS to remove tax liens.

Many of the larger banks have an asset management department to handle the disposition and resale of such properties. Smaller banks may not have such a department or person. But all may wish to rid their books of these non-performing assets.

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Because of this, an REO may appear to be a good investment deal. Beware, though. First, finding one that is perfect for you may take lots of digging. When you're ready to make an offer, there is no real face-to-face, no friendly real estate agent, no formal presentation, no quick offers. Most banks, too, will resell REOs "as is" and rarely for less than market value.

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