Reo Homes Bank Of America
Bank Owned Homes-REO Specialist
Reo Properties Bank Of America
Is it cheaper to buy foreclosure REO or at public auction?
I’m interested in a foreclosed home. The public auction/sheriffs auction was just over 2 months ago and is now Real Estate Owned. There has been an agent assigned to it & I called to see how much it will be listed for and she said it will be another 2 weeks before it’s listed and there is no price yet. She said the homeowners left the house in bad condition (punched holes in kitchen cabinets and flooded it) so Bank of America is fixing it up before they list it. The property value of this house is right at 100k (before owners destroyed) and the auction price was $54,600. I’m wondering how much to expect it to be listed for? Will it be more than $54,600 since the bank is “fixing it up?”
I would guess 95-100k.
Auctions are cheaper, but riskier and you have to have cash.
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