REO's Part I - What is an REO?

In my travels, I get a lot of questions about foreclosures. One of them is, "What does REO stand for?"

REO stand for Real Estate Owned. It refers to a property that has gone back to the lending institution, usually a bank or investor, due to the foreclosure legal process. When the owners no longer have a legal right to possess the property, normally when they have stopped making mortgage payments, the foreclosure process starts.

If the property does not sell at the foreclosure sale (Horry County is the first Monday of every month), the bank or other lender takes the property back. It is then call REO or Real Estate Owned. Banks are not in the real estate business, they are in the lending business, so it is in their best interest to sell that REO as soon as possible and minimize their holding costs which can include, electric, water and sewer, lawn care and other maintenance.

These REO properties have really produced some great deals not only in the Myrtle Beach area but also across the country. Because these REO's sell so low, homeowners are sometimes forced to sell below what they would like to get since the market values keep going down which is going to make 2012 a great time to buy real estate.

Next time I will discuss another reason why it is a great time to buy as well as the first step in the buying process.

Until then, Happy New Year! Let's make 2012 the best year yet!

Call or email me with any feedback or questions.
Chris Kavanagh
ckavanagh@watermarkagents.com
843-655-0711

Welcome!

Hello! I’m Chris Kavanagh, Sales Associate for Watermark Real Estate Group in Myrtle Beach, SC. I’m very excited to be sharing with you my very first real estate blog. My goal of this blog going forward is to help YOU find the perfect house to buy.

Foreclosures are definitely driving our market and creating some amazing opportunities for buyers!  These properties are definitely the Best Bargains at the Beach!

I have been finding a lot of great deals on conventional sales as well.  When a foreclosure property sells, it drives the other prices down and forces sellers to become very "motivated", very quickly!  In many cases, we have been able to negotiate them down to a price that is even lower than the bank-owned properties!

If you have questions or want to look at any property, just let me know. Make sure to visit my website www.MyrtleBeachHouseBuyers.com and sign up for email alerts delivered daily with new properties that hit the market as well as price changes.

All the best,

Chris Kavanagh; Sales Associate
Watermark Real Estate Group
843-655-0711 (cell)
843-353-1990 (fax)
ckavanagh@watermarkagents.com
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PS. Referrals are always appreciated. Ask your friends and family to visit MyrtleBeachHouseBuyers.com or give me a call anytime.