The housing market is red hot in the first quarter of 2023. Prospective homebuyers and investors alike are growing more and more competitive across the country. REO Broker and CEO of Choice Home Mortgage Greg Toussieng shares why purchasing an REO property is the right idea in 2023:
In a post-pandemic economy, many of the most lucrative finance programs for homebuyers and investors are either dwindling away or becoming much more difficult to obtain. But not all hope is lost. According to REO Broker Greg Toussieng, the current state of the property market means that prospective homebuyers need to think outside of the box. As the competition continues to heat up in the contentious offer-bidding of traditional purchases, REOs are becoming much more appealing to not only investors looking to cash in… but also families and professionals interested in buying their first homes.
In Greg Toussieng’s last REO listings discussion piece, the industry expert shared the many financial benefits to buying an REO property. But that’s not all! There are also plenty of benefits for the average investor and/or homebuyer when it comes to selecting an REO for purchase. Here are Toussieng’s top reasons why to buy an REO as your first property investment:
Move-In Ready Houses
REO properties are move-in ready. Yes, you read that right: these houses are habitable! One of the most appealing features of an REO (in Choice Home Mortgage CEO Greg Toussieng’s personal and professional opinion!) is that these properties are move-in ready. This is because banks are required to ensure that a property is repaired to the point of being habitable, following repossession of the property. In the typical case of foreclosure, the purchase is generally a gamble where you can’t be certain of the move-in ready status.. Or if you’re in for a whole lot of repairs.
No Homeowners!
Let’s face it, even without meeting the seller, it’s possible that you can run into some difficulties with the homeowner throughout the purchase of a home. With REOs, there is no homeowner, which means there’s less drama for you to worry about!
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