01/11/2021
REO’s are also known as Bank owned properties.
When a homeowner defaults( behind on mortgage) they are given a certain amount of time to reinstate the loan(catch back up). If they fail to do so by the recorded date the house is put up for sale at an auction, most times for pennies on the dollar.
This process is known as a foreclosure aka Sheriff’s sale!
This is good news for investors, because sometimes homes are practically given away.
Investors, make sure you do your due diligence! Sometimes there are lines and other things that can really cut down your profits💵
On the other hand homeowners lose their house for next to nothing and their credit takes a major hit.
If you are in the Pre-foreclosure process it’s imperative you move quickly. You don’t want to wait till the last minute!!!
If you need any advice or help feel free to reach out to us
Text 917-595-2717