Bank Owned homes - A Double-Edged Sword

Posted by Leslie Eskildsen on Friday, August 22nd, 2008 at 10:35am.

Yikes!  While the current Orange County Real Estate market is full of great houses at bargain basement prices - BE CAREFUL!!!  Many of these homes have not been lived in or maintained for months at a time!  They can have hundreds and even thousands of dollars worth of repairs that will need to be done before you can even move in!  So, just remember, even though you are able to get a smokin' deal on a price, you may have hidden expenses to actually be able to live in the house!

Today's vocabulary:

REO = Real Estate Owned, owned by the bank or lender

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