Most of the calls we have been receiving lately everyone wants to get in on those great foreclosures everyone has been talking about. Well purchasing a R.E.O. (Real Estate Owned)bank property or a foreclosure can be the way to go but you do have to realize that these homes were left in what ever condition by the previous owner. If you are handy with a set of tools or have a few extra dollars to spend when you first move into the home a foreclosure or REO Bank owned property can be ideal for you.
Foreclosures can be found in all price ranges around Albuquerque although I am not 100% postive that Abaris Team William Staab & Jordan Knecht represent the highest priced foreclosure in town (if you find one higher I would be glad to post it on this sight) but 13416 Desert Zinnia is definetly close at $1,139,000.00 MLS#634738(as of today posting date). Foreclosures in any price range are usually priced below a recently appraised value which the bank or Government agency has done before the home is placed up for sale. Sometimes you can benifit from a significant equity grab at the time of the purchase.
Some of the downfalls of a R.E.O. or foreclosure is that there is usually no past history of the property of who or how it was built. The property is also conveyed by Special Warranty dead rather than by General Warranty Deed. A Special Warranty Deed means that the chain of title goes back only as far as to the issuer not on the entire history of the property. You also have to be flexible in time to close on the property which normally takes 45-60 days to close rather than the typical 30 days for a normal transaction. Finally you will be responsible in most cases to accept the property as-is the bank or government agency will not make any repairs for you or allow you to make any repairs until the property has funded and closed. In some H.U.D. auctioned homes an escrow may be held until the repairs are completed on the property to meet the standards of F.H.A. Loan standards (for more information on FHA Loan programs call AnaLisa Cordoba at D.L.Cline mortgage (505) 379-8722).
Since Abaris Team William Staab & Jordan Knecht represent alot of R.E.O. Bank owned properties by all means keep those phone calls coming! But unlike other parts of the country the economy hear in Albuquerque is stable and I truely hope no one is forced into foreclosure in 2009; and we do not have to list any homes in short sale, bank owned, or foreclosure but from happy home sellers!
Visit our affiliates and until December 31, 2008 all proceeds go to the Mississippi / Wisconsin River flood victims from earlier this year:
Posts
