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Real estate owned (also known as REO) properties are the dominion of banks and asset managers. The asset manager assigns each REO property to a listing agent. These realtors are required to submit a BPO (broker price opinion), estimating the fair market value of the property. Only buyers that can pay cash can purchase REO’s.
The competition is often fierce to buy REO’s, particularly when they are priced below fair market value. Some investors bid on multiple properties within hours of the house being listed on the MLS. When there are multiple offers, the realtor will contact potential buyers and will ask for their best offer.
Purchasing REO’s is potentially profitable for investors who have enough cash to purchase the house and a proof of funds note. Most people who buy REO’s are investors who are looking for rental properties or houses that can be fixed up and resold. With a record number of these properties on the market, today’s REO marketplace offers an unprecedented opportunity.
