DO YOU KNOW WHAT “REO” MEANS?
In real estate lingo, it simply means “Real Estate Owned”….as in usually owned by a non-emotional third party, out-of-state, corporation or bank.
It also can mean a well priced condo deal for those looking to hopefully hit it “big” in the game of real estate. For instance, lets say a Rittenhouse Square condo goes through a foreclosure process. Often, a large bank will contract with a local real estate company to sell that condo- and usually at a discount. Along comes Billy the Buyer.
One of Billy’s main priorities is to NOT OVERPAY for a condo here in town. All other wants and needs fall lower on Billy’s priority list. And though every situation is different, I would venture to suggest that REO properties are often priced at a discount. Something Billy is going to like.
Billy has already let me know that he is looking for a deal. So I find this REO property in the MLS, and I call Billy. “Hey Billy…get your can over here and take a look at this great deal”.
IF Billy can negotiate a great deal, Billy could be in for a great great property at a great deal. I have sold MANY an REO in my day here selling Center City Real Estate, and they all seem to have one thing in common- a great asking price!
Lets chat if you have something in common with Billy.
Mark Wade
www.CenterCityCondos.com
Prudential Fox and Roach REALTORS®
530 Walnut St., Suite 260 Philadelphia, PA 19106
