For those of you who missed the real estate bubble or just got priced out for whatever reason, you may want to think about buying a REO property. REO stands for "real estate owned" as in owned by the bank that loaned a debtor money to purchase the house. When the borrow stopped paying, the bank repossessed the house, and now it is listed with a regular real estate agent. The lucky break for the new buyer is this: Banks are not in the business of owning real estate, and further they need that cash to satisfy reserve requirements! Check out these links:
citimortgage
countrywide bank
bank of america
To give an example, I recently helped a friend find a REO prop owned by a local Maryland bank. She got a contract on the house for no joke 100K less than a comparable house in the same neighborhood. I am now wishing that I bought the place myself, and am sort of hoping her contract falls through!
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