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Foreclosure and REO

Foreclosed properties are both an unfortunate reality of being a mortgage lender and a terrific opportunity for investors and knowledgeable owner-occupants. The services we offer to both and a little working knowledge are detailed below.

For a current list of available foreclosure properties call-
Pat Cafferty


We utilize high tech tools and proper business acumen for the most professional and accurate services possible.


Our Services & Experience as REO Asset Managers


  • Occupancy status- Initial contact
  • Securing- assuring that all properties are secured with keyed entry
  • Rekey /board up- when necessary
  • Trash out- management and inspection
  • Initial lawn and pool service- oversight of all lawn, pool and landscaping maintenance per client guidelines
  • Initial photos- all rooms of subject property
  • Repair estimates/Improvement analysis
  • Quote for repairs/review
  • Construction/rehab supervision
  • Eviction and lock out services- co-operation and coordination with Sheriffs’ Department of counties serviced
  • CFKK- cash for keys- aggressive negotiation with occupants in an effort to save the client from having to evict


  • BPO’s- for REO and 3rd party providers- performed quickly and efficiently by our REO department, fast turn arounds
  • Researching tax roll MLS and reviewing changes
  • Detailed expense reporting
  • Input into client’s website all required info
  • MMR’s- timely marketing reports for up-to-date information on new comparables and feedback
  • Variance tracking and reporting
  • Offer negotiation and contract review- all offers negotiated using client-directed communication method
  • Comprehensive tracking of closing and follow up
  • Sold, “As-Is”, and “Repaired” corporate and bank owned properties
  • Complete escrow services in-house
  • Established customer base- pools of buyers, agents and investors
  • Expert facilitators
  • Communication- equipped with state of the art technology for up to the minute client reporting and response

Our 30+ years of experience is based on marketing and closing thousands of bank-owned properties and our REO department currently works directly with some of the largest asset preservation companies in the United States.

FAQ for Investors/Buyers

What does REO stand for?

It is a bank term for foreclosed property and stands for “real estate owned”.

How do I buy a foreclosed home?

A foreclosed home is purchased like a resale home. You may obtain a loan from your local bank, mortgage company, or pay cash. Most Bank Owners prefer you to obtain your own financing locally as many foreclosure inventories need substantial improvements to qualify for normal financing.

Do I need to get a loan pre-approval first?

Sellers of foreclosed homes will require a pre-approval letter or proof of funds in order to consider a submitted offer and generally will not negotiate without it.

How low should I offer?

A foreclosure home is commonly priced at or below market value. Frequently there will be multiple offers, so making a “low ball” offer may mean your offer does not even get considered. On multiple offer situations, it is common to have the offers countered with a request for your highest and best offer by a certain deadline.

I need to sell my home first, are contingencies okay?

Sellers of foreclosed properties generally will not respond to a buyers’ offer if the offer includes a contingency for the sale of another property.

Do I need a deposit?

Earnest money shows good faith on the part of the buyer and is credited to the buyer at closing. Minimum deposits are $500.00. It is not uncommon to have deposit amounts countered by the sellers.

Do the owners (bank) provide a Seller’s Disclosure?

In foreclosures, the seller (bank), has never occupied the property and will not be able to provide a meaningful disclosure. There will be required addenda attached to an offer that explains the terms of the contract. Buyers have the right to an inspection, but the seller is under no obligation to make any repairs. Usually, foreclosed properties are sold as-is.

Is a “short sale” and a foreclosed property the same thing?

Definitely not. A “short sale” is a property that is still owned by a person who owes more than the property is worth. Basically, a seller who is not financially able to sell unless his/her lender accepts a payoff that is “short” of what they are owed. The amount of time and general uncertainty involved with a short sale often means these kinds of properties are not desirable to the average buyer. A foreclosed property is already owned by the lender and can be negotiated and purchased directly (without 3rd party approval) from the bank.

Are REO’s always a “good deal”?

REO properties often represent genuine value to a buyer and are worthy of consideration. It may be tempting to consider a “good deal” only in monetary terms, but just remember, you have to take the house/neighborhood that goes with the “deal”.

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