The daily newscasters and "talking heads" feature regular stories of the tragedy of foreclosures in America. Indeed, the rate of foreclosures is continuing to increase, partially driven by the financially illogical variable rate mortgages. With that said, if you are a financially savvy investor with solid financials, this is a great time to capitalize upon these intriguing opportunities, especially in the form of REO properties.
Banks are in the business of lending money, not owning, managing, or selling real estate. However, oftentimes a bank is forced to foreclose on an investment, and a property reverts from an investment to Real Estate Owned, or REO.
Real estate investors can purchase REO properties from banks for less than the full market value of the property, but in most cases, REO properties are sold by lenders at or just below market value. A smart investor will have a strong strategic plan for bidding on and financing a bank-owned property to get the best value.
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