Vision Realty

What Is Foreclosure And REO?

You can use many websites to search foreclosures and contact an agent in the area you are looking to set up a time to take a look at the home or do some research.  

The most common type of foreclosure property you will find in your home search is a Real Estate Owned, or REO, property. REOs are properties that have been foreclosed on and are now owned by the bank.
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. The process of buying an REO is different than other home purchases. 

The categories of REO properties:

Move-in ready: The home is in acceptable condition and not in need of many repairs. You could buy this property and move in quickly depending on how fast the bank that owns it wants it sold.

Damaged: A damaged REO generally needs rehabilitation and repairs before you can move in. To investors and some buyers who aren't daunted by the work involved in rehabbing a property are attracted to this type of home for sale. You may get a bigger discount on a damaged REO property, but you have to consider overhauling costs.

Where can you find REOs for sale?

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 propoerties.

Advantages of buying REOs:

• Sometime you may pay a below-market  price for the home.
• The process is somewhat 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 will be able to secure finacing and perform a home inspeciton before completing the purchase.

Dis-advantages of buying REOs:

• If there are problems or necessary repairs most banks will require you to sign an "AS IS" purchase, paying for them is your responsibility.
• The process can take longer than a regular home sale.

Get In Touch

Local Expert Updates

Kimberly Dekkers Sales Associate (Real Estate Agent)

Kimberly Dekkers

Sales Associate

605.610.5138

712.722.0045


Kristin De Jong  (Real Estate Agent)

Kristin De Jong

712.722.0045


Karen Schuiteman Office Assistant (Real Estate Agent)

Karen Schuiteman

Office Assistant

712.722.0045


Darla Van't Hul Sales Associate (Real Estate Agent)

Darla Van't Hul

Sales Associate

712.578.9621

712.722.0045


Donna De Weerd Broker/Owner (Real Estate Agent)

Donna De Weerd

Broker/Owner

712.441.5627

712.722.0045


Community Updates

Donna De Weerd Broker/Owner (Real Estate Agent)

Donna De Weerd

Broker/Owner

712.441.5627

donnadw@mtcnet.net

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Darla Van't Hul Sales Associate (Real Estate Agent)

Darla Van't Hul

Sales Associate

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Western Christian High School

Hull

The mission of Western Christian High School is to provide God-centered secondary education to young men and women using the Bible and its principles as the foundation for the total curriculum.

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Darla Van't Hul Sales Associate (Real Estate Agent)

Darla Van't Hul

Sales Associate

712.578.9621

darlamaevh@gmail.com

Hull Christian School

Hull

The Mission of Hull Christian is to educate covenant children in the light of God's Word, preparing them for a life of Christian discipleship, responsible stewardship, and humble service in His

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