Bank Owned Property in Columbia SC Real Estate
There are many words that we use to describe a Foreclosed House. Realtors not only use the usual terms such as ‘foreclosed’, ‘bank owned’, ‘repo’, and other terms, but the main one we use is REO. No, not the band REO Speedwagon, but REO : Real Estate Owned.
These come from a variety of places such as HUD, Dept of Veterans Affairs (VA), private mortgage companies ( Bank of America, Flagstar, Countrywide), and other entities like Freddy Mac and Fannie Mae.
Sure, you can find a deal from these people, but you have to know how to negotiate!
Recently, I represented a client to purchase a foreclosure from the REO (bank owned) network of Fannie Mae. The house was imacculate and needed little work. It was listed at $129,900 and listed for 60 days. After several counters, going back and forth, we got it for $108,000…and the best part is the appraisal came in at $152,000.
So yes, deals are there, but you must be represented by someone who knows how these people work.
Filed under: Chapin, Columbia NE, Columbia SC Real Estate Marketing, Columbia SC Real Estate Neighborhoods, Irmo, Lexington | Tagged: columbia sc foreclosure, sc foreclosure, irmo foreclosure, bank owned columbia sc, hud columbia sc, hud irmo sc, hud lexington sc
[...] believe this is very very sad, it presents and opportunity for investors to make money. Here is a past post about foreclosure and investments I have [...]