The Benefits of Having an REO Home in Freehold

November 9th, 2009 by admin

As the name implies, real estate owned properties are homes owned by banks, mortgage companies, and credit unions. These houses have already undergone the foreclosure process but failed to receive bids at a foreclosure auction. Because of this, lenders list them as “non-performing assets” in their books.

There are many advantages of buying a lender owned home in the New Jerseyite township. The following are some of them:

Purchasing an REO home is easier and cheaper than building a new house from scratch. With such a property, all you have to do is buy the house of your choice, pack your things, and move in.
If you are a first-time home buyer, you can take advantage of a tax credit of up to $8,000 that is being provided by the government through the “First-Time Home Buyers Tax Credit” program. However, you need to purchase a real estate owned house in Ocean County as soon as possible as the program is set to expire on December 1 this year.
You can receive free furniture as most of the time, home appliances are included in the lender owned properties that are being sold.
You don’t have to pay additional taxes and other expenses because all liens against a property are removed once it becomes an REO.
Buyers can inspect real estate owned homes before buying them, unlike ordinary foreclosures.
By having a real estate owned home in Freehold Township, you don’t have to drive miles just to go to one of the largest shopping centers in the state. The township is home to the Freehold Raceway Mall, the third-biggest shopping mall in New Jersey.

To learn more about the Freehold Township and the affordable real estate owned homes that it offers, log on to FreeholdREOs.com today.