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What is an REO property?
REO (Real Estate Owned) properties are bank-owned properties and with no more mortgage loans. The bank will handle the eviction, if necessary, and may do some repairs. The banks would also be responsible for removal of all liens including any homeowner's association dues. As a purchaser of an REO property, the buyer will receive a title insurance policy and the opportunity to investigate the property. The banks always sell a property in "As Is" condition. Inspections are for informational purpose only and the majority of the time no repair will be made by the banks.
Foreclosures are real estate owned (REO) or bank-owned properties, and they have the potential to offer an affordable option to the right buyers.
The State of Maryland's current foreclosure process, from the first foreclosure filing to the final sale, is among the shortest in the nation. In Maryland, lenders may foreclose on a defaulted mortgage or deed of trust using either the judicial, assent to decree, or non-judicial foreclosure process, which typically takes approximately 90 days. Foreclosure laws by state can be viewed on foreclosurelaw.org.
- Full-service real estate brokerage
- Complete REO / Asset Management Services
- Completed Broker Price Opinions within 48 hours
- Property Inspections
- BPO (exterior completed within 48 hours)
- Complete inspections with pictures
- Accurate market evaluations
- Utilities arranged within 48 hours
- Occupancy status determined immediately
Re-keys completed within 24 hours
- Eviction coordination
- Computerized and automated
- Timely and accurate monthly market updates
- Lawn maintenance
- Tree trimming/removal, Mulching, Planting/Installing
- Debris removal
- Interior trash outs & Exterior trash outs
- Repair/Securing contractors (arranged within 48 hours)
- Re-Key (within 24 hours)
- Painting, Board-up, Fences/gates, Roofing, Electrical, Plumbing, Carpet cleaning & replacement, Tile cleaning & replacement
- Pest treatment, HAZ/MAT Contractors, Mold remediation
- Eviction Services
- Cash for Keys, Posting Notices, Complete eviction