REO (Real Estate Owned) is a financial industry term referring to properties that a bank has foreclosed upon and now owns. Make sure that you speak with your agent to ensure that you understand the terms of the listing clearly. The escrow timeframe will usually be 30 days and cannot be contingent on selling another home. In most cases, the foreclosure property will be offered in an “as-is” condition, with the list price reflecting its condition. When purchasing a foreclosure property “as-is,” ensure you’ve done your homework to clearly understand the structural and mechanical condition of the building, HVAC, internal plumbing, the well and septic system. Depending upon the condition of these components of the home, the types of financing available may be impacted. However, there are special loan products available that will lend on the “after improved” value of the home thereby making it possible to purchase even the most neglected property and to make it the home of your dreams.
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