Founded by Ernest J. Codilis, Codilis and Associates is a Burr Ridge, Illinois law firm that provides real estate consulting and services. Codilis & Associates has affiliate offices operating in five states that advise clients on a broad range of legal issues as well, including REO title and closing services.
Buying real estate owned (REO) properties has many benefits, but buyers should also be wary of certain pitfalls. These are foreclosed properties that are owned by banks or lenders, and they’re usually sold to the highest bidder.
The first step to actually purchasing an SEO property is finding one. This can be as easy as doing an internet search, but it will likely take a bit of digging to find where the properties are listed. When a property is located, the first obstacle will be reaching the person that’s in charge of decision making for the property. Large banks will have entire departments dedicated to this, so buyers will likely have to go through many people and meet all the requirements that are put forth by the bank.
Once buyers are able to jump through the necessary hoops, there’s a lot to be gained from REO properties. First and foremost, the properties do not need liens, as before the property is sold, all claims and liens against it are typically expunged.
REO properties also frequently sell under market value and buyers receive lower interest rates from lenders. This leads to less risk, and if negotiated well, the bank or lender might cover all the closing costs.
Buying real estate owned (REO) properties has many benefits, but buyers should also be wary of certain pitfalls. These are foreclosed properties that are owned by banks or lenders, and they’re usually sold to the highest bidder.
The first step to actually purchasing an SEO property is finding one. This can be as easy as doing an internet search, but it will likely take a bit of digging to find where the properties are listed. When a property is located, the first obstacle will be reaching the person that’s in charge of decision making for the property. Large banks will have entire departments dedicated to this, so buyers will likely have to go through many people and meet all the requirements that are put forth by the bank.
Once buyers are able to jump through the necessary hoops, there’s a lot to be gained from REO properties. First and foremost, the properties do not need liens, as before the property is sold, all claims and liens against it are typically expunged.
REO properties also frequently sell under market value and buyers receive lower interest rates from lenders. This leads to less risk, and if negotiated well, the bank or lender might cover all the closing costs.
