A property that has been foreclosed on typically ends up at auction but not all foreclosed properties are sold at these auctions. These unsold bank-owned properties than become REO (Real Estate Owned) properties.
While REO status isn’t good for banks and lenders, it’s great for investors and serious buyers who are interested in buying foreclosed homes at deep discounts.
Our REO agents provide valuable Broker Price Opinion (BPO) assessments. Unlike an appraisal used for financial underwriting, these subjective assessments are based on actual property values. A detailed BPO assessment can tell the Appraisal Management Company (AMC) a lot about current market trends in the area, asking prices, selling prices and demographics that help buyers make informed decisions.
Working with an Accredited REO agent is the best way to locate available REO properties. Buyers who work with Harmony Homes Realty foreclosure specialists have one important advantage, experience! Our experienced REO team has been hired by Asset Management companies to maintain and list bank-owned properties and we are ready to help you buy your next foreclosed property.
If you’re interested in learning more about foreclosed properties in the Cleveland Ohio area call us today at 440-838-6430!