REOs and Short Sales by Glen Gallucci

ABCs of REOs and SHORT SALES

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		What is an REO?
		An REO is real estate owned by the bank, and many investors consider an REO property to be money just waiting to happen. An REO is different from a foreclosure property in that the bank has already tried to sell it at a foreclosure auction and has had no luck getting bids. Because the property was not bid on, the bank then became the owner of the property. Naturally, the bank does not want to keep the REO any longer than possible, and this makes it a great opportunity for an investor. Not every REO is a good deal, but when you look at an REO you'll commonly find that there is a lot of money to be made. So, is this a foreclosure?
Technically speaking, the home was foreclosed on because the owner of the home failed to make their scheduled payments. The bank set up and went through a public auction, but there was not any bids placed on the home, so the bank ended up owing the property. Yes, the home was foreclosed on, but it is well past the foreclosure process and the bank will be anxious to get rid of the property. Other topics include:
8 REO Tips For Buying REO Foreclosures REO Listing Agents Home Inspection Checklist The Real Estate Short Sale Process Step-by-Step Real Estate Jargon You Should Know 12 Ways to Find Bargain Properties . MY CART \| CHECKOUT

About the Author

Glen Gallucci actively buys, rehabs and sells residential properties. He has invested, renovated and built numerous residential and commercial projects during his 30-year career. A well diversified businessman; Glen is also engaged in real estate education. From the trenches, and with his down to earth "tell it like it is" format, his business experience proves invaluable for the beginner as well as the seasoned investor regarding the successful structure of a wholesale or rehabbing business. Glen is a board member of the Garden State Real Estate Investment Association in New Jersey and is also a member and volunteer speaker at the Greater Westchester Real Estate Investment Association in New York.

Frank M. from GreenBrook, NJ says:

You have a way of making some complicated information very simple to understand and follow. I know your encouragement has helped many investors in rehabbing business as well as it will help many new investors in the future.