In this edition of Choice Home Mortgage CEO Greg Toussieng’s series sharing expert advice and guidance on REO listings, he discusses the financial benefits of buying an REO in 2023:
In the first quarter of 2023, competition in the market continues to heat up. With no sight of immediate change in the home buying market, the hunt for affordable, lower-priced properties is becoming increasingly more and more difficult. Many buyers feel as though they have exhausted all resources in their efforts, as the market continues to favor the seller. In what is now being considered the post-pandemic era, many of the time frame’s most desirable financial programs are disappearing…. Or so it would seem to a buyer who isn’t yet familiar with REOs.
Why should you purchase an REO in 2023?
With many of the low requirement, low down payment mortgage support programs seemingly dwindling, prospective buyers are all wondering what to do next. Greg Toussieng, CEO of Choice Home Mortgage and certified REO Broker explains that REOs are the current best deal for home buyers in the current market. But when you look at the benefits of purchasing an REO an REO in general, it’s clear to see why these investments are the right way to go!
Listing Price is Discounted
Savings, savings, savings! It’s no secret that the current market caters to the seller. Bidding wars are not uncommon; in fact, they’re commonplace in today’s property purchasing territory. Gone are the days of spitballing low figure offers with the confidence that something move-in ready will swing your way. Luckily, REOs are generally listed at extensive discounts for the area market. You can expect a hefty discount on a home with minimal repairs, with the helpful guidance of an experienced professional who is REO RESNET Certified.
Free of Tax Liens
Unlike in the event of purchasing a foreclosed home, there are no delinquent taxes, outstanding claims or Homeowners Association fees to worry about settling when buying an REO.
Financing Made Simple and Easy
REO properties are eligible for traditional mortgage financing. This allows prospective homeowners to secure necessary funding as quickly as possible. Due to the low listing prices available, down payment costs are also expected to be lower than with the average property in the current market. For further clarification and more information on how to secure financing for an REO today, contact Mortgage Man himself, Choice Home Mortgage CEO Greg Toussieng directly!
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