When to Buy an REO?
Today people are looking at REO properties for both their personal use as well as investments. Unfortunately many individuals looking at REO properties assume that they are going to get a great deal on price. This may or may not be true.
When is the best time to make offers on an REO property? The best time is at the end of the month, the end of the quarter, or best yet is the end of the year. Banks and asset managers get more serious about selling properties when their backs are up against the wall. This should not come as a surprise to anyone. Check out some REO properties and see what they listed for originally and what they actually sold for and when they sold. You will find that better pricing comes in the times I indicated above.
As we move into 2010 there will be more and more REO properties flooding the market. Why? More adjustable loans are ready to be reset. The teaser rates individuals got in the beginning will now become higher interest rates and individuals will find that they can no longer be able to afford their mortgage.
Whether you are an investor like I am, or are looking to move into a new home for yourself, this is a great time to search for an REO property. Because 2010 may be one of the last times we are able to both purchase properties at good prices, as well as lock them in at good fixed mortgage rates we can’t afford to let this opportunity pass us by. I know I am looking to pick up a number of good deals each month.
For more information on finding REO properties, visit RE Deals R Us.com, a web site that provides individuals with real estate information on finding wholesale real estate deals
Article Source: Ron H. Lerman, Real Estate Investor
