Great Real Estate Bargain
August 19, 2016
5 Bedroom, 3 Bath Home
McAllen is in southern Texas and is the setting for this nice 5 bedroom 3 bath brick home. It has a covered patio, tile floors, an attached garage, a pretty front door, a corner lot and more. The asking price is $160,000, which is 15% less than its current estimated market value.
REOs: the Good, the Bad and the Ugly,
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.
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.
and Cons of Living by the Water | Differences
Between Condos, Town Homes, etc. | History
of the Home Mortgage | Yearly
Home Maintenance Tips | Avoiding
Scams that Target Older Adults | How
to Cure Empty Nest Syndrome | How
to Sell a Home Without a Realtor | Safety
Tips for Retirees | Beginning
Genealogy | 10
Interesting Hobbies | Travel
Tips for Baby Boomers | Fixing
and Flipping Property | The
U.S. Foreclosure Crisis | The
Short Sale | How
to Sell a House in a Down Market
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