Las Vegas REO
REO is an acronym for “Real Estate Owned” – in practicality it means a bank or financial institution receives a property deed to a home through the foreclosure process; i.e. no one showed up at the courthouse steps to bid a minimum amount of the existing mortgage after the homeowner walked away from the mortgage. Please refer to our Las Vegas REO FAQ Page for more details on this process.
Why a Las Vegas REO is an excellent deal
- The bank does not want to carry an REO home on their books any longer than possible. There is some pressure on the bank to sell the home and get it off their books. They may list it at a reduced price to drive a quick sale.
- Bank owned homes are usually sold way below market prices, with great terms like low down payments and low interest rates.
- Since the seller of an REO property is almost always the lender, you can negotiate directly with the bank to have them pay all or part of the closing costs.
- REOs are usually vacant - the bank has evicted the previous owner, saving you the investor time and emotional baggage involved in the eviction process.
- You typically have the ability to inspect a Las Vegas REO home versus a Foreclosure – enabling you to have a sense of the condition of the home and what (if any) funds you will need to invest in the property to rent it out or resell at a later date.
Buying an REOs is a highly specialized transaction. The negotiation and closing when dealing directly with a Bank or Financial Institution can be convoluted. A Realty Executives agent can help you navigate the market and negotiate with the lender to find the best deal for you. Click here for more information.