While most consumers are at least aware of foreclosure auctions, they might not be aware of programs like Real Estate Owned (REO) properties that exist on the far end of the foreclosure spectrum. It instead requires a professional REO real estate office, like Casa Real Properties, to help navigate the process.
Bank foreclosures are a complicated process. Most people understand them on an elemental level; if you default on your mortgage payments, the bank repossesses your home. From there, they will try to sell it at auction. The lender’s goal is to salvage as much value as they can from the property. In the interim, they may allow the borrower to short sell the property to provide partial repayment to the bank, but what happens when they can’t sell it in a timely manner? It becomes a bank-owned home.
An REO property isn’t good for the bank, though. The longer they hold onto the piece of real estate, the less money they will likely recoup against the original loan. The bank must figure out how to offload the property or risk it becoming another stagnant liability on their institution’s books.
With Casa Real Properties’ help, banks can successfully offload their properties to sell, leveraging our network of qualified buyers. We service both buyers and banks to ensure the best possible deal is made on both ends.