|REO service areas|
Michael specializes in listing and selling bank foreclosures (REOs). Those interested in purchasing bank-owned homes must be able to make settlement within 30-40 days. Those who plan to sell their existing home should have it on the market and under contract prior to making an offer on a bank-owned home as banks do not accept offers contingent upon the sale of an existing home. Given that many bank-owned homes need repairs, some buyers may elect to borrow the money needed for purchasing and rehabbing the property. There are multiple rehab loan programs available for those looking to purchase bank-owned houses. Buying foreclosures (REOs) is not the same as buying other homes. If you are considering the purchase of a foreclosure, work with a specialist.