If you are considering buying a foreclosed home, also called a real estate owned (REO) property, you need an expert like the team at Ace Realty Partners on your side. An REO property is owned by the lender as a result of the previous owner defaulting on the loan. This is also known as a foreclosed property or a bank-owned property.
There are many factors to consider when buying a foreclosed home compared to a traditional home purchase. REO properties are an affordable housing option, but there are also tricks of the trade we know to watch for with this type of purchase. Negotiating the purchase price of a foreclosed home may take a little longer than a typical real estate transaction because the process may require multiple levels of approval. For most this extra wait is capitalized on in equity. Believe us its worth the wait! Ace Realty Partners has the time and talent to get the process straight and keep it simple.