Opportunity is KNOCKING!!

I recently sold a REO (short for real estate owned which is what banks call the real estate acquired through foreclosure or deed's transferred in lieu of foreclosure) and my client purchased the home with an FHA 203K loan. This loan product is a federally insured mortgage instrument used specifically for rehabbing homes.  REO's are often great candidates for this loan as they generally need to be rehabbed for occupying or renting. 

The Department of Housing and Urban Development (HUD) insures these loans. Please visit their site for specific details on the FHA 203K loans:

http://www.hud.gov/offices/hsg/sfh/203k/203kabou.cfm

Also, for a list of our REO's and properties in general please visitn Three Rivers Realty, Inc's site at:

http://www.threeriversrealtyinc.com/3/Active-Listings

There are some great deals out there in today's market that enable people to purchase these very low priced properties, get a rehab loan, rehab the property and either put it back on the market or rent it out.

REO's can be tricky; banks aren't looking to "give away" properties.  Banks can be negotiated with in terms of the asking price and other financial and property concerns but they are less emotional and have managers / REO departments to answer to so don't expect to make a "killing."  I'd recommend reading up on REO's and purchasing some sort of commercial software that can help in making these sort of financial decisions.

This is a pretty good write-up on REO's: 

http://www.realestateabc.com/homeguide/reo.htm

Feel free to call, email or submit questions that I can answer regarding these sort of deals directly on this blog!

Check out these products to, the time and money investment in these products can lead to better decision making and pay for itself over the course of your real estate investing career!