Vision Realty

What Is Foreclosure And REO?

You can use many websites to search foreclosures and contact an agent in the area you are looking to set up a time to take a look at the home or do some research.  

The most common type of foreclosure property you will find in your home search is a Real Estate Owned, or REO, property. REOs are properties that have been foreclosed on and are now owned by the bank.
REOs may be vacant or in need of repair. But often they look and feel just like other homes for sale, and they're listed by a real estate agent. Although they're typically sold as-is, it's not uncommon for an REO to be in move-in condition. The process of buying an REO is different than other home purchases. 

The categories of REO properties:

Move-in ready: The home is in acceptable condition and not in need of many repairs. You could buy this property and move in quickly depending on how fast the bank that owns it wants it sold.

Damaged: A damaged REO generally needs rehabilitation and repairs before you can move in. To investors and some buyers who aren't daunted by the work involved in rehabbing a property are attracted to this type of home for sale. You may get a bigger discount on a damaged REO property, but you have to consider overhauling costs.

Where can you find REOs for sale?

It isn't as easy as you think to spot and buy an REO.  Most banks and other mortgage institutions do a poor job of marketing these propoerties.

Advantages of buying REOs:

• Sometime you may pay a below-market  price for the home.
• The process is somewhat similar to a "normal" home purchase in that you can secure financing using a traditional mortgage. (Buying an REO        property is nothing like buying a foreclosure property at auction with cash.)
• You will be able to secure finacing and perform a home inspeciton before completing the purchase.

Dis-advantages of buying REOs:

• If there are problems or necessary repairs most banks will require you to sign an "AS IS" purchase, paying for them is your responsibility.
• The process can take longer than a regular home sale.

Get In Touch

Local Expert Updates

Darren Van't Hul  (Real Estate Agent)

Darren Van't Hul

712.578.9114

712.722.0045


Kimberly Dekkers Sales Associate (Real Estate Agent)

Kimberly Dekkers

Sales Associate

605.610.5138

712.722.0045


Donna De Weerd Broker/Owner (Real Estate Agent)

Donna De Weerd

Broker/Owner

712.441.5627

712.722.0045


Rachel Hoogeveen Sales Associate (Real Estate Agent)

Rachel Hoogeveen

Sales Associate

712.441.5100

712.722.0045


Karen Schuiteman Office Assistant (Real Estate Agent)

Karen Schuiteman

Office Assistant

712.722.0045


Community Updates

Donna De Weerd Broker/Owner (Real Estate Agent)

Donna De Weerd

Broker/Owner

712.441.5627

donnadw@mtcnet.net

Code of Ethics

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As a member of the National Association of Realtors, we are held to the highest standards and follow a strict code of ethics. Not all agents are Realtors, so it is important to know the difference

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Darla Van't Hul Sales Associate (Real Estate Agent)

Darla Van't Hul

Sales Associate

712.578.9621

darlamaevh@gmail.com

Boyden-Hull Community Schools

Hull

Boyden-Hull students will learn the basics of education and will be provided with beneficial technology and expansive career opportunities. They will be encouraged to participate in community service,

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Donna De Weerd Broker/Owner (Real Estate Agent)

Donna De Weerd

Broker/Owner

712.441.5627

donnadw@mtcnet.net

Things to Do With Leftover Produce From Your Garden

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Freeze or Can: Freezing vegetables and fruits are a great way to preserve the taste and benefits. Some tips include blanching, and storing them quickly in an airtight container. Canning is another

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