The primary driver for buying REOs is the potential for a below-market purchase price. Lenders are generally eager to sell to avoid the ongoing burdens of property taxes, maintenance, and insurance.
The Paradox of the Bank-Owned Home: Risks and Rewards of REO Purchasing
: Foreclosures often sell for 10% to 15% (or more) below market value.
: For buyers willing to invest in renovations, this discount can create "instant equity," where the total cost of the home plus repairs remains lower than the market value of a finished home.
The primary driver for buying REOs is the potential for a below-market purchase price. Lenders are generally eager to sell to avoid the ongoing burdens of property taxes, maintenance, and insurance.
The Paradox of the Bank-Owned Home: Risks and Rewards of REO Purchasing
: Foreclosures often sell for 10% to 15% (or more) below market value.
: For buyers willing to invest in renovations, this discount can create "instant equity," where the total cost of the home plus repairs remains lower than the market value of a finished home.
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