What Is Foreclosure And REO?
REOs may be vacant or in need of repair. But often they look and feel just like other homes for sale, and they're listed by a real estate agent. Although they're typically sold as-is, it's not uncommon for an REO to be in move-in condition. But the process of buying an REO is different than other home purchases. An REO property is one that's been foreclosed on and is now owned by the bank.
REO properties fall into two categories:
Move-in condition: The home is in acceptable condition and not in need of rehabilitation. You could buy this property and move in quickly. Damaged: A damaged REO generally needs repairs and rehabilitation before you can move in. These types of REOs are attractive to investors and some buyers who aren't daunted by the work involved in rehabbing a property. Often, you will get a bigger discount on damaged REO properties, but you have to consider refurbishing costs. Where can you find REOs for sale? I have an extensive list of websites and subscriptions to find and learn about foreclosures and REO's.Just contact us. Oddly enough, it isn't as easy as you think to spot and buy an REO. Most banks and other mortgage institutions do a poor job of marketing these properties.
Pros of buying REOs:
• The process is similar to a "normal" home purchase in that you can secure financing using a traditional mortgage. (Buying an REO property is nothing like buying a foreclosure property at auction with cash.)
• You'll be able to do inspections and secure financing before completing the purchase.
Cons of buying REOs:
• The process can take longer than a regular home sale.
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Local Expert Updates
Janie Eick
Cell: 712.339.0574
Brooke Jones
Cell: 641.420.2172
Aaron Jones
Cell: 712.320.9442Community Updates
Solma's Punkin Patch
Solsma's Punkin Patch began in 1999 as a way to make a little money for the Solsma kids' college education and it has continue to grow and evolve. Fireworks sales from June 1 to July 8 and in December. Pumpkin sales from Labor Day to Halloween. Fall produce of all kinds, country store, corn maze (weather permitting). Ruby Red Popcorn and Drug Free Beef available year around. Call or stop by the the store in the off season. Located 4 miles east of Sanborn, Iowa on Hwy 18. www.solsma.com 712-729-3174
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The Coffee Shop & Cafe
This establishment offers a variety of coffees, espressos and smoothies plus mouth-watering baked goods--not to mention the fabulous breakfast and lunch items--made to order! There are daily specials as well as homemade soups. Did I mention this all comes with an Italian flair? The staff is amazing and the atmosphere inviting. Located at the Gateway to the Iowa Great Lakes on Okoboji Ave (Hwy. 71) in Milford. Stop in, you won't be disappointed!