REO: Real Estate Owned or Bank Owned
The Bemidji real estate market is beginning to be "REO Driven". What does that mean? It means that a large number of the homes sold in the past few months have been REO property. The banks are able to keep reducing prices on the real estate they own until the property sells and that is bringing down residential home prices in Bemidji. It's is good for buyers but for ordinary sellers.
Remember, just because a property is REO does not mean it is a "good deal". Sometimes a buyer must wait until a property has been on the market for a while for the bank to reduce their price, even after that you may have to bargain back and forth with the bank until you come to a price you are comfortable with.
If you want to find REO (Real Estate Owned) or foreclosure properties in Bemidji the best way is to call me for a list. But if you want to search on your own, I have come up with a few websites for you to try.
http://www.pasreo.com/
http://www.reotrans.com/
http://www.ocwen.com/
http://www.fnams.com/
http://www.realtytrac.com/
http://www.res.net/
http://www.homesteps.com/
http://reosearch.fanniemae.com/
If you want to take a look at any of the properties you find on these sites, just give me a call.
