For some, it is a word that conveys the fear and dread of financial ruin, while for others it infers a positive economic opportunity. Regardless of the perspective, it is possibly the most misunderstood aspect of any real estate market.
Buying directly from the bank is preferred by many because it is a more methodical, predictable and non-emotional process than buying from the distressed seller.
Not all REOs are good deals. Many banks want market value in order to recoup as much of their losses as possible. Others are more concerned with liquidating their REO inventory as these non-performing assets have a negative impact on their books. We have relationships with asset managers and REO officers, so knowing which lenders are motivated sellers and which properties represent a bargain is where we come in.
If you are an owner of New Mexico real estate that would like to know what options you may have in avoiding foreclosure or walking away from the mortgage, fill out the contact form on the right or contact us at 505-298-9999 to schedule a confidential consultation.
The foreclosure process begins when the lender files a Notice of Default, or NOD, with the County Recorder once a borrower defaults on their loan. The process ends when:
*Within the grace period determined by state law (pre-foreclosure), the borrower pays the default amount and reinstates the loan.
*The property is sold during the pre-foreclosure time period, allowing the borrower to pay off the loan. A situation where the loan is greater than the sale amount, but the lender agrees to a loan pay off that is less than what is owed is referred to as a short sale, or short pay.
*At the end of the pre-foreclosure period, a trustee sale occurs and the property is sold at a public auction to a third party.
*The lender takes ownership of the property through an agreement with the borrower during the pre-foreclosure time period, or buys the property at the trustee sale. The bank-owned property is referred to as real estate owned, or REO.
Sitting in 2 acres land, is this charming one story home with 3 bedrooms, 2 baths and 2 car attached garage. Lots of potential to improve this property. Schedule your sho...
Wonderful home near schools & dining! Separate entrance to quest quarters. 3 bedroom 3 bath home. Kitchen includes eat in dining. Large living space. Mature trees and lan...
Great home in nice area. Perfect for entertaining with indoor pool and lovely grounds. Plenty of living space with updated kitchen. All laminate floors.
Welcome home to your Downtown retreat. This one story home boasts raised ceilings, some upgraded lighting & ceiling fans, etched concrete kitchen counters, laminate and t...
LET'S GET MOVING!!! SUPER HOME in need of a NEW OWNER TODAY!! Great North Valley location, EZ ACCESS TO ANYWHERE!!***Subject has had a fire! *** SUPER VALUE!!! SUPER INV...
Some of the information contained herein has been provided by SWMLS, Inc. This information is from sources deemed reliable but not guaranteed by SWMLS, Inc. The information is for consumers’ personal, non-commerical use and may not be used for any purpose other than identifying properties which consumers may be interested in purchasing.
Looking for the perfect home in the perfect place? Chances are you'll want to check here first.