The answer in many cases is that they are much better than before. There were several listings in South Riding and
So here are few things to consider if you are looking into REO properties:
- All REOs are not deals. Banks are not that stupid as they are ultimately answerable to their shareholders.
- The process can be lengthy as compared to a regular property, although banks are much faster to respond now sometimes within 24-48 hours.
- Get ready for minor cosmetic repairs – that’s why you are getting a deal in the first place (if you are getting one J).
- Banks are more flexible if the property has been listed for more than 90 days.
- Have your finances in place and don’t put a lot of contingencies. Banks want to move fast and don't want to wait till you sell your house (or for any other reason).
- Small banks are easy to deal with.
- Of course cash is king in REO offers.
- Get ready to compete in a multiple offer situation.
- Work with a realtor who understands the REO process as well as local market conditions.