480-744-6357 (toll-free 800-736-2974)
or send us your request today! The Official Real Estate Partner of Scottsdale.com
REO Properties
What does the word REO stand for? The answer is: Real Estate Owned. An REO property is one that has gone through the foreclosure process and is now owned by a bank.
Bank owned properties have clearly paved the way for dramatically lower property values in the Valley. This can be great news if you are looking to purchase property. Bank owned properties now represent a large percentage of sales in many parts of Arizona. These troubled assets are priced low to attract a quick sale. In some cases, lenders have not released their entire inventory which might drop market prices even further. This trend appears to be with us for some time to come.
In order to take advantage of these great opportunities, you'll want an experienced team of Real Estate Agents working for you. Agents that understand true value, who work for you and can close deals at the right price.
With foreclosures on the rise, more and more properties are facing foreclosure and becoming REOs. A property becomes an REO after the trustee sale (auction) occurs; if no one bids on the property with acceptable terms the bank recovers the asset and starts a new process of selling it through local real estate experts. Typically, the trustee sale happens 90 days after the house is notified of foreclosure. The 90-day process is called pre-foreclosure. This is an opportunity for the seller to either reinstate their loan, complete a loan modification (reduce the terms of the loan for lower payments) or attempt a short sale. A short sale is the process of negotiating the loan balance with the lender so the house can be sold in the open market.
REOs and Short Sales offer great opportunities for buyers looking to purchase a personal residence, a second home or investment properties. Bloom / Van Omen, the official real estate partner of Scottsdale.com, has earned the Certified Distressed Property Expert (CDPE) designation and has earned the Five Star REO certification. This means our team of real estate agents has the expertise and experience to evaluate your opportunities and successfully complete the transaction. Our REO team focuses on acquiring deals directly from national, regional, and local banks. With these efforts, Bloom / Van Omen has gained access to hundreds of Real Estate Owned properties at large discounts. We are able to pass the savings to our buyers and investors. Every REO deal is different depending on the location, condition, lender involved and other determining factors. Contact our distressed property experts to get more details on how you can get involved with REO properties.
