Looking into distressed REOs is a good option if you are just now looking to buy a home. REO means real estate owned properties. These are bank owned houses for sale that the banks take possession of when a borrower defaults on their home loan. The real estate market started to see more Reo properties for sale on the market starting in the later part of the 1st decade in 2000. In other words, between 2008 and 2011 about 30% of the homes on the market for sale were distressed homes because people were unable to make their mortgage payments due to job losses, etc. Now it is common to see homes that are in foreclosure on the market. As everyone knows now, the housing bubble burst in 2008 with the collapse of the economy.
As a result, homeowners started doing more short sales as a way to get out from under water on their mortgages. A short sale is the best option for homeowners that owe more on their home’s than they are worth. People must get permission from their lenders to do short sales and you must decide to do so before the home goes into foreclosure.
There are also more bank owned commercial properties on the market now too. The same reasons for residential bank owned REO homes for sale apply to bank owned commercial properties for sale today. Because the economy is taking such a long time to recover, more bank owned commercial properties are being included in bank owned property listings. If you are in the market for buying commercial property, now is a good time to buy bank owned commercial properties. Right now you can do a REO property search and include commercial properties in your search criteria to get more info on bank owned commercial properties for sale.
Many real estate investors are taking advantage of the lowered property values and decreased interest rates. If you are in commercial real estate listings you can pick up some choice bank owned commercial properties for your portfolio today. Prices have never been so low so right now it is a wise investment to buy bank owned commercial properties that can be leased out for an investment income. Find out more by searching for bank owned commercial properties online today. More like this article.