About Real Estate Owned(REO's)
Real estate owned or more commonly known as REO, is a class of property owned by a lender, typically a bank or other financial institution, after an unsuccessful sale at a foreclosure auction. Frequently, the properties that are up for sale at these auctions are worth less than the total amount owed to the bank or financial institution: the minimum bid in most foreclosure auctions equals the outstanding loan amount, as well as the accrued interest and any fees (listing/legal) associated with the foreclosure sale. After an unsuccessful auction, the bank or financial institution usually goes through the process of trying to sell the property directly. They normally will strip some of the liens and other expenses on the property and try to resell it to the public, either via yet another auction or through a real estate agency.
In some cases REO properties may very well be in poor shape, but real estate investors will often fish for such deals due to the low price and potential high rewards and make the repairs and resell the property. Most banks or financial institutions will pool together a group of REO's and sell them privately to high net worth investors or investor groups at a deep discount. This has proven to be a great asset to our clients as it gives them an outlet to sell off each of the individual properties or group of properties in short order.
The Anthos Group arranges the private buying and selling of REO individual properties and packages for clients. Our REO specialists bring our qualified clients directly to the REO provider that may be the best match for their needs. The Anthos Group also has the ability to create an exit strategy for those clients that are interested in acquiring the REO's and selling off the nonessential assets. Through our strong relationships with real estate brokers and smaller real estate investors nationally we are an asset in creating liquidity for our clients, pension funds, hedge funds and various institutions. We are direct with banks, brokerage firms, various private holders and institutions as well as REO compilers that are offering REO packages privately on a national scale.
We are excited to announce that we are now able to offer custom bulk REO's all over the United States. You will now be able to custom order REO properties in any area of the US. Our associates will research in any region of the US for you. Before we can go to work in researching properties for you and send you a custom list of what is available, you must complete and fax a LOI (Letter of Interest) identifying the specific region of REO properties you want to purchase, and a Soft POF (Proof of funds). The Soft POF can simply be a brief letter from your bank stating that you have access to funds to make a purchase of REOs with a contact name of the relationship to verify. No account numbers or other confidential information needs to be stated as to your financial status. The title company rep will verify with your bank that you have access to funds to make purchase. Once verification is made, we can proceed to order and send you the custom list of inventory. Click on the link at the end of this article to download the Letter of Interest form.
Please feel free to contact us. We welcome serious inquiries from investors and direct sellers only. Also we welcome banks, financial institutions, hedge funds, pension funds and compilers to contact us to develop long term working relationships. Please, no intermediaries or facilitators.
