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BUYING THE NEW CLASS OF BANK OWNED PROPERTY (REO) - YouTube
Channel: Mark Schreier Long Island Realtor
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buying a bank-owned property is not like
it used to be my name is mark Schreier
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and I'm a licensed sales associate with
century 21 American Homes Real Estate
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right here in Long Island New York
besides specialize in an REO is bank
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owned properties and traditional real
estate sales I have been exposed to a
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new breed of bank owned property most
people when they think of a bank owned
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property they think of something that
needs a ton of work a hundred thousand
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plus dollars a work kitchen bathroom
floor and roof and everything needs to
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be replaced and those are still out
there in this video I'm going to share
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with you the traditional REO the
traditional bank owned property that
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you've probably seen and if you're not
investor maybe you haven't so take a
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look and it's a lotta part of the video
I'm gonna share with you the new breed
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of bank owned property it is a totally
refurbished property that all you need
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to do is bring your furniture and your
toothbrush and you're ready to move in
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this is a great option for people who
will look at in neighborhoods and never
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considered looking into the re owes a
lot of real estate agent don't realize
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that bank owned properties could be
something their buyers are looking to
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buy but usually most Realtors don't
understand that some banks even though
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they're in the money-making business
which they are are starting to get savvy
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and dabble into the renovation business
as well so even though this these
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properties are keeping the REO or bank
owned property title they're actually
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end-user properties that do not need
special financing for you to move into
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so stay tuned to the upcoming video
please give me a thumbs up if you like
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it definitely leave comments in the
comment section below and don't forget
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to hit the subscribe button and the bell
for notifications thank you
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as you can see this is probably what you
expect when you hear bank owned or
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foreclosed property the house needs a
lot of work also known as a fixer-upper
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handyman special depending on your level
of handyman the power's out everything
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needs to be redone and updated you're in
a town you'll have a desire to be in and
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that's a plus for you if you like to do
work or you want to flip something then
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this is the type of property you should
be looking for but if you stay tuned to
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the latter part of this video you're
going to see the new breed of bank owned
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property or REO this particular house is
gonna need a renovation loan with all
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the work that needs to be done and what
that basically means is you're going to
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get whatever you buy the house for this
one is I believe about 503 asking price
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so if you get it for around that price
then you're gonna have to take out a
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loan to fix it up so you're gonna have
to with a contractor and the mortgage
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company decide how much money it's going
to take to make this livable to your
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liking and then get pre-approved for
that amount of money and as the process
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goes through they will come and inspect
and pay the contractor piece by piece as
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they do the different ends of the
project so this is a traditional or the
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old school bank owned properties and if
this is for you it's a great way to move
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into a neighborhood there's not so much
inventory then this is something you can
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consider if you have a contractor that
you hooked up with or if you're an
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investor and stay tuned again for the
latter part of the video and you will
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see what the new breed of REO is and
that's one way you're not going to need
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well you're not gonna need a renovation
loan you could just move right in okay
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so I mentioned a new type of REO or
bank-owned property this is it this is a
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fully renovated bank owned property
still an REO so for those of you who are
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end users this is something you can
consider when you're looking in a
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neighborhood for properties and the
inventory seems to be low don't cancel
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something out just because it says bank
owned or REO in the description I'm
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gonna give you a quick tour of this
house and I'll let you judge for
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yourself okay as you can see everything
has been updated from the brand-new
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paint to the crown moldings to the
kitchen you can hear the smoke alarms
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chirping away these stainless steel
appliances nice backyard I'm gonna take
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you on a brief tour of the property this
is a split plenty was known for having a
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lot of splits brand-new wall-to-wall
carpeting updated bathroom and yes it's
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been winterized one bedroom
excuse the chirping everything's been
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updated walls paint again crown moldings
upstairs we have three bedrooms this
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being the master in wall AC unit
radiator heat and this is the master
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bathroom with a full shower new tile
everything has been updated and as we go
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back down
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okay so in closing we can see the new
breed or the new type of REO out there
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definitely not investor friendly but
definitely end-user or first-time
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homebuyer or that move up homebuyer it
opens up inventory that hasn't been
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available to you in the past so make
sure you ask your real estate agent can
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you please show me some end user
friendly REO s and if they're not sure
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what you mean you could definitely reach
out to me we have new products new
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inventory coming on the market every day
I service predominantly Long Island but
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I have a referral network that goes in
the tri-state area with these renovated
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REO s so I hope this video was helpful
and thanks for watching
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