Many real estate investors focus on buying foreclosures as a means to locate properties with a lot of equity at a discounted price. At Dean Lemons & Associates we have access to all of the REO Properties that are available to purchase in the Oklahoma City Metroplex and throughout the state of Oklahoma. Not only do we have access to the properties but we also can advise you concerning the market values both in their present state and what you could expect to lease or resell them.
There are some wonderful opportunities in “Buying REO Properties”. REO or Real Estate Owned Properties are properties that are owned by banks or mortgage companies. These properties have gone through the foreclosure process, but no one successfully bid them for purchase. There are many advantages to buying Bank REO’s.
ADVANTAGES TO BUYING BANK REO PROPERTIES
· All liens against the property are removed once it becomes a REO and the taxes are paid.
· Unlike properties at foreclosure auctions, REO’s can be inspected prior to contract, and are listed with real estate agents like Dean Lemons & Associates.
· While many foreclosures are in deplorable condition, many REO’s are typically restored at lease to a ready salable condition by the lending bank.
· The bank or lender that owns the property will often provide financing with better deals than they would offer on traditional properties.
· The bank or lender that owns the property will often provide an allowance for certain repairs.
· You can save money on your title work if you use the same title company the lender used in the foreclosure. They will often discount the cost up to as much as 100%.
· REO Properties are usually listed on our local MLS (Multiple Listing Service) or by going directly to your local banks website.
· While in a hot market, you may not see a difference in the list price between a REO and a typical property, during slower markets, you can pick up a REO at discounts to the property’s value.
At Dean Lemons & Associates we understand the Banks and Lenders do not like holding REO’s on their books for a long time and try to get rid of them. We monitor these listings and can generally tell when the properties are about to be reduced.To be notified when a REO Property that meets your buying criteria becomes available in the area you are seeking, please take the time to complete the information below. You can also find REO Properties that we can show you at: