Repo Homes New Mexico

Your Source for Albuquerque and Rio Rancho, NM
Bank and Government Foreclosure Properties

 

Why Buy Albuquerque or Rio Rancho Bank Owned (REO) Homes?


 

The percentage of homes for sale in the Albuquerque and Rio Rancho Metro area which are owned by banks or government agencies is relatively low vs much of the country.  One good thing about this is that few neighborhoods in Albuquerque and Rio Rancho have been decimated by foreclosures. If you purchase a foreclosed property or REO (Real Estate Owned), chances are good that it will hold its value in the neighborhood along with the rest of the market.

Foreclosed homes are often priced 10-25% below market value in order to get them sold quickly.  This discount in price is the primary attraction of Albuquerque and Rio Rancho area REO homes. Their condition varies greatly, from almost perfect to barely standing.  It is important to thoroughly inspect the property and determine what if any repairs are needed. In general the home is offered “as is” – that is, the bank or government agency will not make any repairs to the property. Occasionally, however they will. For instance, if termites are discovered through inspection, the bank will sometimes pay for treatment.

A foreclosed property which has primarily cosmetic defects or damage can often be purchased at a heavy discount. Add some paint, flooring and appliances, and your equity can be built quickly. .