Since 2003, Metrowest Real Estate Services has sold over 2000 bank owned assets in Colorado. Whether you are an investor or a first-time homebuyer, now is a great time to buy REO! Affordability is on the rise here in the Denver Metro area and interest rates are low, Low, LOW! See below for answers to some of our most commonly asked questions about buying bank-owned properties or call us to see if we have a property that might be right for you!
"I have decided it's the right time to buy but my lease ends in 30 days, do I have time to buy a bank-owned home?"
Yes! the timeline for buying a bank-owned home is similar to a traditional purchase. Banks are quick to respond to offers, usually in 1-2 days and the contract process is quick and efficient.
Do I need a downpayment to buy REO?
Not necessarily. Many buyers obtain financing with as little as 3.5% down. Some banks prefer selling to owner-occupants so don't be shy if your are a first-timer. There are loan programs designed especially for you!
If I buy a bank-owned property, does that mean I need to qualify for a loan from that bank?
No! As a home buyer, you can obtain your financing from any bank you choose. If you do need help with your financing, some sellers like Fannie Mae and HUD offer financing offers and incentives when you buy one of their homes.
I am an investor and am interested in making an offer on a bank-owned home. What are some tips that might help me to submit a winning bid?
There are a number of no-nos when it comes to offering on REO and a few best practices that can put you ahead of the pack! Banks will review all offers they receive and will pick the offer that is most likely to close on time and net the highest return so if you want to make an offer, make it as strong as possible. Try to stay away from contracts with too many contingencies. Removing home-sale contingencies or assignability provisions will increase the attractiveness of your offer. If you are obtaining a loan for the purchase, submit a pre-approval letter from a direct endorcement lender. Also, be aware that most banks have standard contract addendums that are non-negotiable. Crossing out terms on the bank's addendum will delay the contract process.
Are you an Agent and want to submit an offer on one of our REO properties?
Just click on the "Metrowest Listings" tab where you can review our currently available inventory and submit your offer online!
