Reynolds Properties | Real Estate Owned

Real Estate Owned (REO) or Bank Owned Property

Most foreclosure auctions do not result in sales

That’s because an initial bid includes the loan balance and any accrued interest, not to mention attorney's fees and other costs. It’s not always a great deal.

Real Estate Owned (REO) properties can be an excellent value.

When a home doesn’t sell at a foreclosure auction, ownership reverts back to the bank and it becomes a Real Estate Owned property.
(also called a bank-owned property) REO properties are generally less expensive because banks try to sell these homes as quickly as possible. In some cases, you can purchase an REO for 30-60 percent of the home’s market value.

But only if you know what you’re doing

That’s where we come in. At Reynolds Properties, our team of real estate professionals, lawyers and investors will help you find the best property at the best price – as quickly as possible.

While it’s true that banks don’t like to hold onto REO properties indefinitely, they do want to sell at something approaching market value. So it’s important to have a qualified real estate professional assisting in the transaction.

Some REOs need a little fixing up

Not a problem. The Reynolds Properties team includes a network of reputable contractors, plumbers and electricians who can make the necessary repairs or renovations.