When a bank ends up with an REO property on the books, their first concern is almost always to get it turned around and sold. Most banks and lenders are more than willing to work with property owners to avoid foreclosure and ownership of a property. This is because banks aren’t in the business of property management, property repairs, or real estate sales. Lenders are in the business of lending money to others in those businesses.
In order to get those properties sold fast, banks and other companies have to approach the circumstances properly. Learn the steps you need to take to sell an REO in Baltimore, Philadelphia or Washington, DC, and how a property management and REO services company can help.
Selling an REO Property
Selling an REO property is different from standard real estate. In the very best case scenario, there’s little to be done and the property can go on the market quickly. More often than not, however, this just isn’t the case. Most of these properties have suffered a lot of damage and require major repairs and upgrades to be sale-able.
Some might have become the residence of squatters that can be hard to get rid of, or legal tenants that need to be evicted or otherwise dealt with. It’s also important to upkeep the property while it’s on the market—keep the grass cut, debris from around the home, make it look lived in. Otherwise you could wind up with tens of thousands in fines, and vandals or thieves could target the building.
Upkeep and Repairs
The right SEO company has resources that you as a lender don’t have. They have trusted and reliable contractors who can come in and handle any repairs and upgrades that are needed, with first-class workmanship. They will be able to handle tenant issues like evicting squatters and property management of properties that have current legal tenants.
Getting Your Property Sold
The right REO services firm can also help with the process of selling your REO property. They will upkeep it the entire time, doing the necessary landscaping and keeping you apprised of the progress the entire time.
Most REO properties sell to investors. While investors don’t pay as much as traditional buyers, they may well pay enough to net you a profit, while at the same time not requiring you to do as much in the way of upgrades or repairs.
If, however, you’ve already done all the updating, a traditional buyer might be the way to go. Your REO services company will be able to advise you on the best approach to take with your property, to get it sold for the highest value at the fastest speed possible.
First Freedom Preservation REO Services
First Freedom Preservation is the premier REO services company in the Washington, DC, Baltimore and Philadelphia area. Whatever your needs might be, we can help you get your property in shape, and help you navigate the waters of selling an REO property. Give us a call for more information on what we have to offer today!