When you end up with an REO property on your roster, it’s a frustrating thing. As much as homeowners fear the idea of foreclosure, banks fear it just as much. No bank wants to end up having to hold and manage a property; it’s extra time and expense that they neither want nor can afford. When a bank does take ownership of a foreclosed property, they’ve got one goal, and that’s to get it sold fast.
Selling your REO property quickly and at a decent profit requires taking the right steps. Explore the things you need to know and do to sell an REO property fast, and get it off your roster while still making a profit on the sale.
Sell an REO Property
When you need to sell an REO property, it comes with a lot of responsibility. You’ll need to make sure that you upkeep the place, inspect it for vandalism and squatters, and get it properly listed. You’ll need to negotiate with investors and potential buyers, and above all else, avoid racking up additional expenses on the deal.
The first reason that banks want to divest themselves of REO properties is that it quite simply costs them money just to own the properties. Even if you don’t look to fix all of the things that are wrong with the house, or perform upgrades, you need to maintain the property at least as it sits, so that other people want to buy it.
In addition, failing to upkeep the property can actually cost you in terms of fines from local municipalities. Banks have ended up with tens of thousands of dollars in fines from properties that fall prey to blight, or are covered with graffiti or the like.
The REO Services Company
The best way to keep the house in good shape and make it attractive for sales is to work with a solid REO services company. For a fee, these companies will help you to avoid the high costs of repairs, upkeep and property maintenance, and will ensure that you don’t get slapped with the massive fines that can result from vacant properties just sitting.
Renovations and Repairs
An REO property can actually be upgraded to enhance its sales value, from repairing damage to the property, to upgrading the property’s landscape, exterior and interior. The REO company will give you inspection and status reports about your property, and enhance its marketability, enabling you to sell it potentially for more than it was worth when you foreclosed.
Securing the Property
Vacant properties can present all manner of problems if they’re not secured. The REO company will remove hazards and debris and make the property look occupied so that you don’t end up with issues from squatters or other problems.
The REO services company will, in short, get your property ready for sale and make it attractive so that it will sell with lightning speed. If you’d like more information about how an REO property management firm can help you sell an REO property faster than ever, contact First Freedom Preservation for more information today!