Making an offer on REO property or a foreclosure in Landrum? Smart consumers will turn to a seasoned pro when considering a foreclosed property. For more information, just contact me through my site or e-mail me. I'm happy to answer questions you have about real estate foreclosures. What's an REO? "REO" or Real Estate Owned are homes which have been through foreclosure that the bank or mortgage company presently holds. This differs from a property up for foreclosure auction. If you buy a property during a foreclosure sale, you must pay at least the loan balance plus any interest and other fees added during the foreclosure process. The buyer must also be ready to pay with cash in hand. And on top of all that, you'll get the property 100% as is. That possibly may consist of prevailing liens and even current denizens that need to be expelled. A bank-owned property, on the other hand, is a more tidy and attractive proposition. The REO property did not find a buyer during foreclosure auction. Now the bank owns it. The bank will attend to the removal of tax liens, evict occupants if needed and generally plan for the issuance of a title insurance policy to the buyer at closing. Note that REOs may be exempt from standard disclosure requirements. In California, for example, banks are not required to give a Transfer Disclosure Statement, a document that usually requires sellers to make known any defects they are knowledgeable of. By hiring Mickey Hambright, you can rest assured knowing all parties are fulfilling South Carolina state disclosure requirements. Are REO properties a bargain in Spartanburg County? It's occasionally presumed that any foreclosure must be a good deal and an opportunity for guaranteed profit. This simply isn't true. You have to be prudent about buying a REO if your intent is make a profit. While it's true that the bank is often eager to offload it promptly, they are also looking to get as much as they can for it. When contemplating what to pay for a foreclosure, carefully analyze comparable sales in the neighborhood and be sure to take into account the time and cost of any repairs or remodeling needed to prepare the house for resale. The bargains with money making potential exist, and many people do very well buying and selling foreclosures. However there are also many REOs that are not good buys and not likely to turn a profit. All set to make an offer? Most banks have staff dedicated to REO that you'll work with while buying REO property from them. Commonly the REO department will use a listing agent to get their REO properties listed on the local MLS. Prior to making your offer, you'll want to contact either the listing agent or REO department at the bank and learn as much as you can about their knowledge concerning the condition of the property and what their process is for accepting offers. Since banks most commonly sell REO properties "as is", it's often prudent to include an inspection contingency in your offer that gives you time to check for unknown damage and cancel the offer if you find it. If, as a buyer, you can provide documentation demonstrating your ability to pay, such as a pre-approval letter from a lender, your offer will be more attractive and likely be accepted. (This holds for any real estate offer.) After you've submitted your offer, you can expect the bank to counter offer. At this point it will be your decision whether to accept their counter, or make another counter offer. Realize, you'll be dealing with a process that most likely involves a group of people at the bank, and they don't work evenings or weekends. It's not unusual for the process of offers and counter offers to take days or even weeks.

Mickey Hambright specializes in North and SC farms, land and homes - servicing the real estate needs of home buyers and home sellers in search of real estate, homes for sale, condos, investment properties, horse farms, equestrian properties, stable properties, commercial real estate, new construction, new homes, land, lots, mountain view properties, farms and recreational property in these nearby communities and more!

Area Appeal | Asheville | Blue Ridge Mountain Country | Columbus | Horse Country | Landrum | Polk County | Saluda | Tryon

Mickey Hambright

400 E. Rutherford Street  Suite 100
Landrum,  SC  29356

Toll Free:  800-442-4749 Extension 121
Direct Line:  828-817-1796

Email:  gmhambright@gmail.com
Web Site: www.hambrightproperties.com

Licensed in North Carolina and South Carolina