Real Estate Reo Listings - How to Find Bank REO Listings in Your Locality?

Nov. 27, 2010 - PRLog -- Real Estate Reo Listings

Active real estate investors can find great deals on residential homes from bank repossessed reo listings. REO stands for "Real Estate Owned". These are properties that have been foreclosed upon by the lender due to borrower's non-payment of monthly scheduled mortgage payments. Lenders give the foreclosure notice and begin the pre-foreclosure process.

During the real estate boom that preceded the credit crisis, mortgage loans were plenty. Borrowers were not required to show any documentation related to income, assets or employment to qualify for a 100% no down payment mortgage loan on residential properties. Most of these borrowers who purchased a home with little or no equity walked out on their mortgages as soon as the real estate market collapsed. Borrowers with underwater mortgages chose to default on their mortgages and end up in foreclosure than keep making payments on a mortgage that is more than the value of the underlying property. Get Internet #1 - Real Estate Reo Listings @ http://realestatecure01.webs.com and change your financial life forever!

Depending on the pre-foreclosure process and the laws governing residential foreclosure in a given state, the amount of time it takes for a property to reach the foreclosure auction can be anywhere from 6 months to 2 years. If a property doesn't attract a bid enough to cover the reserve price set by the lender, it gets repossessed and becomes part of the foreclosing bank's REO inventory.

All the major banks and mortgage lenders around the country have a huge inventory of such foreclosed properties for sale. The lender is motivated to sell and clear their inventory. If they hold longer, they incur additional expenses related to property taxes and maintenance expenses.

Savvy real estate investors can find all the bank REO listings in their neighborhood by visiting the REO websites of the various banks. These properties are listed through local agents at an attractive sales price. Through timely action, these deals can be spotted early on. This approach enables an investor to secure profitable residential property deals. Get Internet #1 - Real Estate Reo Listings @ http://realestatecure01.webs.com and change your financial life forever!

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