What Is Foreclosure And REO?
REOs may be vacant or in need of repair. But often they look and feel just like other homes for sale, and they're listed by a real estate agent. Although they're typically sold as-is, it's not uncommon for an REO to be in move-in condition. But the process of buying an REO is different than other home purchases. An REO property is one that's been foreclosed on and is now owned by the bank.
REO properties fall into two categories:
Move-in condition: The home is in acceptable condition and not in need of rehabilitation. You could buy this property and move in quickly. Damaged: A damaged REO generally needs repairs and rehabilitation before you can move in. These types of REOs are attractive to investors and some buyers who aren't daunted by the work involved in rehabbing a property. Often, you will get a bigger discount on damaged REO properties, but you have to consider refurbishing costs. Where can you find REOs for sale? I have an extensive list of websites and subscriptions to find and learn about foreclosures and REO's.Just contact us. Oddly enough, it isn't as easy as you think to spot and buy an REO. Most banks and other mortgage institutions do a poor job of marketing these properties.
Pros of buying REOs:
• The process is similar to a "normal" home purchase in that you can secure financing using a traditional mortgage. (Buying an REO property is nothing like buying a foreclosure property at auction with cash.)
• You'll be able to do inspections and secure financing before completing the purchase.
Cons of buying REOs:
• The process can take longer than a regular home sale.
Get In Touch
share
Community Updates
Beach Street Boutique
Arnolds Park Boutique offering beautiful clothing that is reasonably priced, and unique. They have a variety of sizes - beautiful clothes and accessories!
Jimmy Johns
Jimmy John’s Spirit Lake
1007 18th St
Spirit Lake, IA 51360
Jimmy Johns offers a fresh and quick sandwich at affordable prices. If you are low on time, hit up one of the two locations in the Iowa Great Lakes Area.
Arnolds Park- in BooneDocks gas station
Spirit Lake(Opened in 2016)- on the corner of Hwy 9/71 and Keokuk Ave. Next door to Fareway Grocery Store.
Online Ordering and Delivery are options with Jimmy Johns. Visit the website or call for details.
Healthy Living Program Center Spirit Lake
Healthy Living Program Center Spirit Lake
802 Lake Street
Spirit Lake, IA 51360
One of the many convenient locations offered by the Bedell Family YMCA is conveniently located in downtown Spirit Lake on the corner of Hill Ave and Lake Street.
Offered at this Center are exercise equipment, cardio machines, free weights for ages 14 and up. Personal Training is also offered.
Hours open are
Monday - Thursday 5 am to 11 pm
Friday 5 am to 9 pm
Saturday 6 am to 9 pm
Sunday closed
