REO Properties

What are REO Properties?

Real Estate Owned, or REO, properties are the most common type of foreclosure propety that you will encounter when looking for your home. A foreclosure is when a property is lost by the homeowner after failure to pay the mortgage. REO properties are foreclosure properties that are now owned by the bank.

There are 2 main types of REO Properties:

Move-in Condition:
  • With this type of REO property, there are no damages to the property that would prevent you from moving in quickly.
Damaged:
  • These properties require repairs before they can be used.
  • They are often attractive to investors. Though they may require extensive repairs, they are often sold fairly cheaply.

What are the pros and cons of buying REOs?

There are many benefits to purchasing an REO Property.
  • REO Properties are often sold below market price.
  • You can secure financing using a traditional mortgage just like in a regular sale.
  • You can have inspections, purchase title insurance, and secure financing before completing your purchase.
Some people prefer not to purchase REO Properties because of the following reasons.
  • REO Properties are often sold "as-is".
  • They are not often sold below the asking price. However, these properties are usually sold below market price anyway.
  • The purchasing process may take longer than with a regular sale.

How can the Sussy Deleon Team help me with an REO purchase?


Are you interested in purchasing an REO property? The Sussy DeLeon Team at Re/MAX New Horizons is highly experienced in the sale of REO Properties and can help make sure the process goes smoothly.

Sussy Deleon and her REO trained team are knowledgeable in the foreclosure process. They have successfully managed and sold numerous REO properties. The team is familiar with various standard REO procedures and BPO's. They will use their knowledge of the REO process to ensure a timely closing.

You can download Sussy Deleon's REO Resume below.
Sussy Deleon REO Resume 2015


For more information, go to www.SussyDeleon.com.
To contact Sussy Deleon, email sussydeleon@yahoo.com or call (401) 331-8855.

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