In the Dulles/Loudoun areas, REOs remain part of our marketplace, although the number has dimished severely since 2008 when I last posted a series on REOS.
As the market has changed; industry practices have evolved, and things are easier. For that reason, I am updating and reposting information on REOs.
As the market has changed; industry practices have evolved, and things are easier. For that reason, I am updating and reposting information on REOs.
WHAT IS AN REO? REO means Real Estate Owned; the phrase is used interchangeably with "foreclosure" or "bank owned". All of those terms mean it is a property that is owned by a financial institute generally after it has been foreclosed upon.
Now that you know what we're talking about, let's take a glimpse back into 2008. If you were trying to buy a property in 2008, you were likely looking at an REO.... and this will give you an idea of what those buyers were finding in the marketplace:
The video is funny, but it doesn't feel nice when that buyer is you.
The good news is that things have gotten better. In the beginning, a few agents were handling all the REOs, and no one was used to having them in the marketplace, so everyone was inexperienced. Now, there are less REOs in our marketplace, and there are many agents are handling the work load, and now they are experienced as are the bank reps (asset managers) handling the accounts for the banks. Ahh. Much better.
Check out these posts to see what's going on in the market place today. It's MUCH quicker than the series done in 2008.
I hope this update will help you to know what to expect when you're navigating the ever changing marketplace.
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Are you looking to buy a home in the Dulles or Loudoun Area? Whether you're thinking of buying a bank owned home, a short sale, new construction, a custom home... it doesn't matter. I have the experience that makes a difference. Call me. I can help!
Vicky Chrisner
Keller Williams
703-669-3142
