The Wall Street Journal: Bank-Owned Homes Get a Fresh Look From Wealthy Buyers
Affluent home buyers, desperate for inventory in the hottest markets, are giving a fresh look to bank-owned homes.
Savvy buyers could be rewarded with a discounted luxury home in a posh neighborhood. But they also could be stepping into a money pit with legal snarls.
It’s a risk more buyers are willing to take. “Everyone is just chasing whatever it is that’s coming online,” said Matthew Gardner, chief economist for Seattle-based brokerage Windermere Real Estate. He says the appeal of these post-foreclosure homes, often called real-estate owned, or REO, properties, has grown because of tight inventory in many markets.
“Having those three letters [REO], it used to be a huge anchor on the property, but now it propels it,” said Danny Hertzberg, an agent with the Jills Group of Coldwell Banker in Miami Beach.
Read the full article at The Wall Street Journal