What is REO?
Real Estate Owned (REO), also commonly referred to as Bank-Owned, are properties with deeds held by lenders or other financial institutions. Generally, these deeds are acquired through a foreclosure sale and not for investment purposes. While REOs are nothing new, the real estate market sees notable rise in REOs in every market cycle.
REO sales are different than traditional sales, so it takes a brokerage experienced in REO sales to ensure success for all parties. Whether your company owns or manages REOs, you have a buyer looking to purchase an REO, or you yourself are a buyer seeking to purchase an REO, The Local Realty REO & Assent Management Team is ready to work with you toward a successful transaction.
Asset Managers & Lenders
The Local Realty has adapted to the changing market with expanding our Asset Management division; specializing in REO transactions and becoming a top REO brokerage in California. Understanding that REO transactions are fundamentally different from traditional real estate transactions has assisted The Local Realty in its success.
After hundreds of REO sales, The Local Realty Asset Management team has refined a system for the efficient and successful preparation, pricing, marketing, and sale of REO properties, including both commercial and residential listings.
Our experience has taught us that putting in extra effort throughout the process helps avoid complications, delays, and aged assets. We work hard to:
- Render properties vacant as quickly and amicably as possible
- Provide informed opinions about which properties would benefit most from repairs and which are more suitable for investors
- Provide a strong BPO with a competitive price that will attract offers within 14 days
- Aggressively market our properties to the public and our network of investors
- Obtain a fully executed contract within 30 days
- Close escrow quickly and efficiently
- Interact with our clients and agents in a professional manner that will lend to efficient and hassle-free transactions
Let The Local Realty REO & Asset Management teams experience work for you. If your company has properties in the US and would like to discuss developing a relationship with The Local Realty for the sale and/or management of those properties, please contact us.
Do you have a buyer interested in purchasing a bank-owned property? The Local Realty has many REO listings and works hard to make transactions as clean, efficient, and expedient as possible. With properties priced to sell, there’s no reason to look elsewhere.
At The Local Realty we:
- Process all offers upon receipt
- Have developed a system for efficient and clear offer processing that avoids surprises many agents often associate with REO sales.
- Follow-up with agents to ensure all necessary documentation is provided so that their offer will be considered by the seller.
- Submit all offers quickly and without bias to our clients
- Provide prompt response to agent inquiries
- Deliver documents quickly
- Keep our listings very up-to-date
- Provide friendly and professional service aimed at achieving satisfaction for all parties
For more information about submitting an offer for one of our properties, please contact us.
Are you interested in purchasing a bank owned foreclosure? Interested in the deals, but unsure about how REO sales are different from traditional real estate sales? Our experienced REO agents would like to represent you on your purchase, whether it’s for the purchase of one of our listings, or the purchase of another REO on the market.
Let our experience help you find the perfect home or income property opportunity! You can search our REO Experts or Contact us today.