Las Vegas Area Sellers and Sales (Transaction) Categories: REO (#1 in a series)
By Renée Donohue~Home Photography, Western Michigan Real Estate Photographer
(Savvy Home Pix)
This is part 1 in a series describing different types of sellers and transactions in the Las Vegas Area market. REO is a type of seller. REO means "Real Estate Owned" or also known as "Foreclosure" or" Bank Owned" REO is CURRENTLY the #1 sales category in the Las Vegas Valley and #2 Listing Category Main reasons people are attracted to an REO purchase: It is more of a "sure thing" than a short sale. (Only 1 in approximately 15 short sales currently close) It takes less time contract to close than new construction built from scratch REO is priced cheaper than most other listings A Few Pitfalls of an REO purchase: Many times sellers will not pay for lender required repairs Deferred maintenance issues could make house a ...