• Address: Oceanside, NY 11572 (map)
• Date Posted: 11/24/09

REO stands for “Real Estate Owned”. These are properties that have gone through foreclosure and are now owned by the bank or mortgage company. This is not the same as a property up for foreclosure auction. When buying a property during a foreclosure sale, you must pay at least the loan balance plus any interest and other fees accumulated during the foreclosure process. You must also be prepared to pay with cash in hand. And on top of all that, you’ll receive the property 100% “as is”. That could include existing liens and even current occupants that need to be evicted. A REO, by contrast, is a much “cleaner” and attractive transaction.
The REO property did not find a buyer during foreclosure auction. The bank now owns it. The bank will see to the removal of tax liens, evict occupants if needed and generally prepare for the issuance of a title insurance policy to the buyer at closing. Do be aware that REO’s may be exempt from normal disclosure requirements.

LOOKING FOR A BANK OWNED HOME?? LONG ISLAND FOR LE$$!!! CONTACT JOELLE COUGHLIN, BANK OWNED HOMES SPECIALIST, 516-473-3692 VISIT THE WEBSITE http://www.LIHOMES4LESS.COM FOR PHOTOS AND DESCRIPTION OF THESE HOMES.

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