There are Real Estate Brokers who deal specifically with distressed
properties and bank sales.
With an REO sale one nice thing is that the selling broker is verifying the title to be "clean" meaning that they have
already done the research and repaired title problems. Therefore, from the buyer's perspective the sale is the same
as a normal one. BIG ADVANTAGE!
The
downside is that while the REO brokers are generally customer-friendly, they
will be selling the properties AS-IS just as with a
sheriff sale or bank sale.
In many instances the REO broker has purchased the property outright from the Sheriff Sale, and is the current owner.
Again, the title will be clean but forget about negotiating repairs - unless the property has been sitting and the broker
can't unload it on anyone. I've seen where the
REO broker then is "forced" to address the problems that are holding up the
sale.
There are usually a few REO properties available year-round in the Lancaster area, so give me a call or email me if you
would like to take a look at some and decide for yourself.
Breaking News
April 25, 2008 - The spring eNewsletter is out...read it
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Jeff R. Geoghan and Long & Foster Real Estate
serving Lancaster County Manheim Township Hempfield East Petersburg
Elizabethtown Manheim Lititz Lancaster Willow Street Millersville Quarryville
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Foster Penn, Manheim,Lancaster, Pequea, Manor, East Hempfield, West Hempfield, Clay, Bart, Brecknock, Colerain, Caernarvon, Conestoga, Conoy, Drumore, East Cocalico, East Drumore, East Earl, East Donegal, East Lampeter, Earl. Elizabeth, Eden, Ephrata,
Fulton, Leacock, Little Britain, Mount Joy, Martic, Penn, Paradise, Providence, Rapho, Sadsbury, Salisbury, Upper Leacock, West Cocalico, West Donegal, West Earl,
Warwick
School Districts served by Jeff R. Geoghan & Long
and Foster Elizabethown Area Manheim Central Columbia Boro Hempfield
Lancaster Penn Manor Solanco East York Donegal Manheim Township Conestoga Valley
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