REO Real Estate Owned Properties

East Bay Area REO Properties

As a result of the sub-prime mortgage fiasco, there are many REO (which stands for Real Estate Owned) properties coming on the market.

Typically a home that is advertised as an REO is a bank-owned property that was acquired through the foreclosure process. Not to be confused with a short-sale property (which is pre-foreclosure), an REO property is being sold by the bank, sometimes at a value below market. Often this is because homes are in less-than-pristine condition – homeowners often remove appliances or upgrades before foreclosure, or they may be rental properties which were poorly maintained.

But there can be good opportunities to purchase homes with instant equity if you know where to look, have patience, and buy with an agent who understands the REO process.

Feel free to contact me anytime with questions about REOs or homebuying in the East Bay.

Guest Blogger: Alexis Greenberg – Marvin Gardens Realtor®
Direct: 510-381-3232