Boca Mortgage Blog

What You Should Know About HUD REOs

July 24th, 2014 10:15 AM by Leonard Silvestri


                   



 Do you know what REO stands for? REO stands for real estate-owned property, and it happens when a property has failed to sell, and the lender takes it over. There are certain aspects of REO, including a HUD REO, that you should be informed of prior to purchase. The article below explains what a HUD REO is.

Buying a HUD REO property is different than buying a traditional home. Here are some key things you’ll need to know when looking to purchase one: -You’ll need to use a REALTOR® or broker who is authorized to sell a HUD property. -There’s a bidding process. At first, the property is available only to owner-occupants—investors who don’t intend to live there can’t bid at this time. If there are no acceptable bids or any offers at all during the initial bidding period, the bidding is opened up to the general public—which then includes investors. -You won’t see what other offers are made on the property. -You will need to include earnest money. -They are sold as-is, without a warranty.

Posted in:General
Posted by Leonard Silvestri on July 24th, 2014 10:15 AM

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