|With over 100 years of combined experience in the real
estate and mortgage industries, our staff stands ready to offer
crucial information to the professional investor seeking to take
advantage of the extraordinary opportunities that today's real
estate presents. Our mortgage and asset management divisions
provide you with a turn key one stop shop for all of you real
estate and lending needs. Call us today at 617-312-8178.
Buying bank owned and distressed real estate
dealing with bank owned or distressed real estate, you need a
professional on your side to help you make the right decisions. Having
been involved in the last real estate downturn of the late 1980's, we
can offer you insight and guidance making the right investment
decisions. Since 1988, BMIC and its affiliates have
been involved in over $2,000,000,000 of mortgage and real estate
transaction. We have the depth of experience that few firms can offer.
The process of buying bank owned property or REO is fraught with
What is an REO?
REO stands for Real Estate Owned. These are properties that have gone
through the foreclosure process and are now owned by the lender. This is
very different from a property involved in a foreclosure auction. When
buying a property involved in a foreclosure sale, you must pay at least
the loan balance plus any interest and other fees accumulated during the
foreclosure process. You must also be prepared to pay with cash in hand.
You take title to a property that may include existing liens and even
current occupants that need to be evicted. An REO property, by contrast,
is a much cleaner and attractive transaction. The REO property did not
find a third party buyer during foreclosure auction. The lender now owns
it. The lender will see to the removal of tax liens, evict occupants if
needed and generally prepare for the issuance of a title insurance
policy to the buyer at closing.
Are you getting a bargain?
Its commonly assumed that any REO must be a bargain and an opportunity
for easy money. Nothing could be further from the truth. You have to be
cautious about buying a REO if your intent is to capitalize on a
worthwhile investment. The saying is that you make your money of a
property when you buy it, not when you sell it. While it might be true
that a lender is anxious to sell their REO quickly, they are also
responsible to shareholders to obtain the highest return that they can
for it. When considering the value of a REO, you need professional due
diligence to analyze comparable sales in the neighborhood and be sure to
take into account the time and cost of any repairs or remodeling needed
to prepare the house for rent or resale. The bargains with money making
potential exist, and many people do very well buying REO. But there are
ample opportunities to lose money as well. At massreo.com, we're here to
make sure that doesn't happen.
Ready to make an offer?
The multiple listing services available in your area might not be the
best way to locate the best opportunities. Often, many properties are
not listed by the lenders through traditional channels. Most lenders
have a REO department that will be the focal point in buying a REO
property. The departments will have the most extensive information about
the condition of the property and what their process is for receiving
offers. Since banks almost always sell REO properties as is, an offer
must include an inspection contingency to protect you interests. Your
offer will be far more attractive if you include documentation of your
ability to transact the property, a service provided by massreo.com for
its customers. After we've made your offer, you can expect the bank to
make a counter offer. You then will have to decide whether to accept
their counter, or offer a counter to the counter offer. When dealing
with REO, you'll often be dealing with a process that probably involves
multiple parties at the lender and they don' t work evenings or
weekends. Its not unusual for the process of offers and counter offers
to take days or even weeks. You need the professional help of an
experienced REO agent to protect your interests, precisely the services
that massreo.com provides its customers every day.
Call us today at 1-800-627-7736 today to get started in buying
tremendous opportunities in REO properties.
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|While the current real estate market presents numerous
challenges for everyone involved in real estate industry, our staff
stands ready to serve both buyers and sellers of distressed real estate
outstanding resources and professional service second to none.
REO, or "real estate owned" in banking terms, presents tremendous
opportunities but presents substantial risks for the uninformed
investor. Review our section on buying
reo to find out more. When you're ready to review available
listings visit out properties section or click
If you need more information from us, please click
here and we'll respond to your questions.
Our team of professionals stand ready with decades of experience to
assist in the successful management and disposition of your real estate