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Foreclosures/REO's
Canadians interested in REO property or a foreclosure in Arizona?
 
Smart Canadians will turn to seasoned professional Realtors like Chris and Michele Keith when considering a foreclosed property.
 

What's an REO?

"REO" or Real Estate Owned are homes which have been foreclosed upon that the bank or mortgage company presently possesses.

 Click here to view bank owned REO forclosure properties.


The REO property did not find a buyer during foreclosure auction. Now the bank owns it. The lender will see to the removal of tax liens, evict occupants if needed and generally prepare for the issuance of a title insurance policy to the buyer at closing. 

We will guide you through the process of hiring a professional inspector to go over the home and identify any possible problems and issues.  Although the bank most likely will not pay for any repairs, you will have the opportunity to pull out of the transaction and receive a refund of your deposit if the inspector finds anything major enough that is objectionable to you. We will make sure the contract you sign will have an inspection contingency built in.  It is usually between 7-10 days to perform the inspection.   

Is REO property in Arizona a bargain?

It's occasionally assumed that any REO must be a steal and an opportunity for easy money. This frequently isn't true. You have to be cautious about buying a repossession if your intent is to make money. While it's true that the bank is typically eager to offload it quickly, they are also motivated to minimize any losses.
Look carefully at the listing and sales prices of similar properties in the neighborhood when considering the purchase of an REO. And factor in any repairs or remodeling necessary to prepare the house for resale or moving in. There are bargains with potential to make money, and many people do very well flipping foreclosures. However there are also many REOs that are not good buys and may not be money makers.

Time to make an offer?

Most lenders have staff dedicated to REO that you'll work with while buying REO property from them. Usually the REO department will use a listing agent to get their REO properties listed on the local MLS.

Since banks most commonly sell REO properties "as is", it may be in your best interest to include an inspection contingency in your offer that gives you time to check for hidden damage and terminate the offer if you find it. If, as a buyer, you can provide documentation showing your ability to pay, such as a pre-approval letter from a lender, your offer will be more attractive and likely be accepted. (This goes for any type of real estate offer.)

Once you've presented your offer, it's customary for the bank to counter offer. From there it will be your choice whether to accept their counter, or make another counter offer. Your deal might be final in one day, but that's usually not the case. Since offers and counter offers usually give the other party a day or longer to respond (and employees at a bank don't work nights or weekends) you could be looking at a week or longer.

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2680 S. Val Vista Rd. 101 • Gilbert, AZ 85295
Phone: (480)242-2896 • info@CanadianHomesArizona.com :Email





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