REO property in Vail can be a great bargain for the real estate investor
What is REO property and is there any REO property in Vail Colorado? REO (real estate owned) is property which has been taken back by the lender. REO properties in Vail typically sell for less than comparable real estate listings as the lender usually wants to recoup the value of the loan which is traditionally less than the valueof the property. The differences between REO property and foreclosure or short sale property are:
- REO has already been acquired by the lender typically after a failed foreclosure sale or foreclosure auction.
- The REO is owned by the bank (or lending institution) and is listed as an asset on their balance sheet.
- The original home owner is no longer in the picture and the property is for sale.
The downside of REO property is that an REO property is typically not well-maintained by the financial institution that owns it. The positive side of an REO is that a real estate investor or buyer can often purchase the property at a distinctively lower price. If you are looking for an REO property in Vail Colorado contact Gil Fancher today, (970) 390-7469.
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Don’t hesitate to call Gil Fancher today at (970) 390-7469, for excellent service and information on Vail Real Estate!
