Bob Hanley, Realtor
Bob Hanley

Foreclosure FAQ’s

How can I purchase a REO (bank owned property)?

Purchasing a REO is simple. Once you find one you want, you submit your offer through a real estate agent along with your pre approval letter or proof of funds (if paying cash) along with any addendums the bank requires.

How long will I have to wait?

It’s not unusual to get an answer in less then a week, with closing in 30-45 days (sooner if paying cash).

What condition are bank owned homes in?

Some are in pristine shape, some are torn to pieces. You should have a home inspection so you’ll know what you are getting into!

What kind of loan can I get for a bank owned home?
You can go conventional/FHA or with a VA loan, all according to the condition of the property and what the buyer qualifies for. Most go with an FHA loan (3.5%) down. FHA offers fixer upper loans that provide funds to repair damaged home. The Streamline K loan allows for up to 35k in repairs.