On The REO Tour

Last Saturday Sue and I were sponsors on the REO tour. The tour is put on by Sonoran Lifestyle Properties in Fountain Hills, AZ. I always wanted to go on tour with REO! I kept singing to myself; "And I can't stop this feeling anymore...I've forgotten what I started fighting for..." (REO Speedwagon music)

For those of you that aren't sure what REO stands for, it means Real Estate Owned or in other words, bank owned properties. Basically, there is no more mortgage loan and the bank now owns the property. The tour was designed to show investors and buyers what is available in REO's and to educate them on how to go about acquiring them. There were many important points made, for example; Make sure you select a realtor that is educated in dealing with bank owned properties and/or short sales. These agents know the ins and outs of dealing with the banks and can avoid delays or complications with closings. It's also important to understand that these properties are sold in 'as is' condition and there will not be a SPDS (Seller Property Disclosure Statement). Therefore, it is important to have the property inspected by a professional home inspector before purchasing. You should, however, be able to obtain a Clue Report or Loss History Statement from the bank as they are in contact with the insurance company covering the property. Be sure to consult a licensed real estate agent on any questions you might have when entering the REO market.
We highly recommend the tour, which starts off with a Continental breakfast, views seven to eight homes and concludes with a great lunch and chatting with the professionals about the properties.
"It's time to bring this ship into the shore...and throw away the oar...forever...." (REO Speedwagon music continues)
Check out http://www.sonoranlifestyle.com/ for upcoming tours.

Laura