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What are bank owned homes (REOs) and should I invest in them?
Real estate owned (REO) properties (bank-owned properties) could be an excellent and affordable investment opportunity in 2022. Therefore, if you’re an investor thinking about purchasing an REO property, it’s smart to learn the nuances of this space from an experienced real estate consultant. Continue reading to discover the benefits of this unique way to invest in foreclosed mortgages.
What are REOs?
REOs are properties that have been foreclosed on and repossessed by banks or other lenders. Therefore, these lenders typically don’t want to hold on to REO properties because it adds to their risk. Real estate owned properties are nearly always sold at steep discounts, because the lenders only seek to recover the amount of money that the borrowers failed to repay.
Benefits of Investing in REOs
Some of the various benefits of investing in real estate owned homes include:
- All outstanding taxes and liens will be cleared.
- The home should already be secure and safe.
- The property will be sold by a single entity.
- The home will be free of occupants.
- The home is not for sale at auction.
Further, the risk of a bidding war will be reduced because there are typically few other buyers.
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Zionsville, Indiana is a suburb of Boone County, Indiana. It’s located 20 minutes from Indianapolis, and offers a rustic yet modern charm. As a result, Zionsville positions itself as a tourist attraction with shops, restaurants, and cafes lining the famed brick road of the Main Street.
With population of about 30,000 people, Zionsville is quickly becoming one of the most preferred places to live in the United States. In addition, they have an excellent school system, public infrastructure, and have inclusive community events which completes the small town character that Zionsville is known for.
Therefore, investing in Zionsville real estate allows an individual to have the best of both worlds – work in the bustling city of Indianapolis and retreat into the old town charm of this lovely suburb.