Is Bank Owned Home or REO a Bargain?

It’s commonly assumed that any REO must be a bargain and an opportunity for easy money.  This simply isn’t true.  You have to be very careful about buying a REO if your intent is to make money off of it.  While it’s true that the bank is typically anxious to sell it quickly, they are also strongly motivated to get as much as they can for it.  When considering the value of a REO, you need to look closely at comparable sales in the neighborhood and be sure to take into account the time and cost of any repairs or remodeling needed to prepare the house for resale.  The bargains with money making potential exist, and many people do very well buying foreclosures.  But there are also many REO’s that are not good buys and not likely to turn a profit.

Click Here to see Bank Owned Homes in Jacksonville NC

If you have additional questions or would like to schedule a showing, call or text Loni Walker (910) 467-3602.

About Loni Walker

I enjoy helping people and believe that by being knowledgeable in many areas, I can help my clients make the best decisions when it comes to buying or selling a home. I was born in Vietnam and raised in Orange County, California, where I met my husband, a US Marine, in 1998. Since then, we have moved many times until 2008 when my husband retired from the USMC. Jacksonville, NC is now our permanent home. I have experienced the stresses and challenges of moving. I know firsthand how vital it is to have good communication and mutual trust with your agent. As a real estate professional, my goal is to earn your confidence and exceed your expectations. I look forward to helping you find the perfect home or the perfect buyer for your home. I welcome your business and your referrals.

Foreclosures/Short Sales

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