Repo Homes New Mexico

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

 

Are New Mexico Bank REO’s always a bargain?


 

New Mexico foreclosure properties (REO’s) are often sold at a significant discount, but that is not a guarantee of a great deal….

The price for a foreclosed property is set by an Asset Manager after reviewing one or more BPO’s (Broker Price Opinion) and an appraisal. It is rare that the brokers and the appraiser perform a thorough mechanical inspection.  They might only be aware of cosmetic or other obvious issues with a property. Problems with a flat roof, a cracked firebox in the furnace, or a leaking water heater might not be evident on a walk through, and therefore would not be taken into account in pricing an REO (Real Estate Owned) property. That seeming bargain might come with $20,000 in needed repairs! Chances are, that Asset Manager will never visit New Mexico to see that property in person. If you’ve ever seen a Seller’s Property Disclosure completed by an Asset Manager, you know they generally read, “We acquired this property by foreclosure, and we don’t know NOTHING about it.”

Make sure that your New Mexico Realtor supplies a CMA (Comparative Market Analysis) to confirm the property’s current value, and then perform at least a full home inspection and a pest inspection on a property before completing a purchase. That way you’ll know what you are getting into.