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Bazinet Realty
Linda G. Bazinet
Broker/Owner
47 Durfee Road
Dudley, MA 01571



Phone: 508-943-0667
Cell Phone: 508-864-2483
Email: Linda@BazinetRealty.com


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REO PROPERTY

THE DEFINITION OF REO

The Definition of REO

“REO” stands for “Real Estate Owned” and can also be referred to as “OREO” or “Other Real Estate Owned”. REO/OREO refers to properties that are owned by a lender as a result of a foreclosure or deed in lieu of foreclosure. (“lender” includes not only banks and mortgage companies but can also refer to services, insurers, investors and agents and one or more of these entities may be involved with the file).

An REO/OREO property is different than a short sale property in negotiations. The lender owns the REO/OREO property; where in a short sale negotiation the borrower/homeowner is still the owner.


Q & A ON REO

The following answers are based upon general procedures. Different policies vary from lender to lender.

After the auction what happens to the property?

The “bank” takes the property back and prepares it for sale if the property is not sold to a bidder at the auction.

Does the lender evict the homeowner at the time of the auction in Massachusetts?

Typically, the lender will ask for the removal of the homeowner soon after the foreclosure sale if the lender is the highest bidder. An assertive lender will start the eviction process immediately after the sale. This process can takes anywhere from a few weeks to a few months.


AUCTIONS

Actions of Non-Distress Property

In the past few years auction sales of non-distressed properties have been on the increase. Auctions are an alternative method of selling real estate vs. the traditional listing agreement. It is an accelerated real estate marketing process that involves the public sale of real property. Different from a traditional listing agreement, the seller registers their property for auction with an auction company. The seller and auction company determine what the best kind of auction is and best marketing strategy through a specific review process.

Choosing an Auction Over The Traditional Residential Listing

Auctions institute control over the terms and conditions of the sale.

An auction could provide an accelerated sale.

For a successful auction, extremely well promotional & marketing is required that usually is not part of the traditional residential listing process.

Auctions are scheduled to sell immediately and therefore create immediate interest in a property from buyers.


   
Committed to Professionalism in Real Estate.
Massachusetts Licensed Real Estate Brokerage located in Dudley, Massachusetts


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