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Albuquerque, Rio Rancho NM Buyer Broker for Bank Owned (REO)

  Albuquerque,Rio Rancho NM, Buyer Broker for Bank Owned (REO)

John McCormack, Albuquerque, Buyer Broker,  Realtor, buyers, rio rancho, Bank Owned,Real Estate Owned ,REO, homes, properties

John McCormack Albuquerque & Rio Rancho NM Buyer Broker and Realtor® helps buyers with Bank Owned or Real Estate Owned (REO) Properties

With the ever increasing number of Bank Owned or REO (Real Estate Owned) type properties available in the Albuquerque and Rio Rancho NM market buyers of these types of properties would be well advised to seek out a buyer broker and Realtor® to represent their best interests.  

The unique complexities of these type transactions can be overwhelming for most buyers and even uninformed or ill prepared real estate agents.  When engaging in these type properties the way an offer is prepared, how negotiations are handled and knowing what a buyer can or can’t do is vital to the success of a bank owned (REO) transaction.  Who will pay for inspections, who pays for utility turn ons, who pays for any repairs and who pays for certain closings costs?  How much time does a buyer have to conduct their due diligence and accomplish those tasks.  You may be surprised at the answers.

Smart bank owned (REO) buyers should seek out their own representation and not rely on the listing agent. The listing agent is representing the seller (the bank or its asset manager).  If you're considering one of these type listings please call a Realtor® that understands these type of properties.

The photo is a bank owned (REO) home a client of mine just put under contract.  Many hurdles must be cleared before we see a final closing.  For example the home has no gas meter, no electrical meter and no water service.  Utilities must be on for a comprehensive home inspection.  Will the bank make arrangements to install those meters and turn on utilities? Assume nothing and don’t get in over your head!

Contact John McCormack Albuquerque, Rio Rancho NM, Buyer Broker for Bank Owned (REO) type homes.

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John McCormack    Owner/Managing Broker,  e-PRO

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If your considering Buying, Selling or Relocating  to Albuquerque or Rio Rancho, NM and need a Professional Realtor It would be my pleasure to help you!

Be sure to visit my AlbuquerqueHomes.com website for total access to all available homes in the following New Mexico communities:  Albuquerque, Rio Rancho, Los Ranchos, Placitas, Bernalillo, Tijeras, Sandia Park, Cedar Crest, Bosque Farms, Los Lunas & Belen.

 

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