Repo Homes New Mexico

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

 

Why banks want to sell their Albuquerque / Rio Rancho NM
area REO homes quickly...


 

Banks are not in the business of managing real estate, and they don’t want to be.  They typically want to rid themselves of foreclosed properties as quickly as possible.  The banks want to recoup their tied-up capital in these REO homes so they can reuse the funds for something more profitable.

Once the ownership of the Albuquerque / Rio Rancho area property reverts to the bank, the expenses of holding that foreclosed property quickly add up.  Maintenance costs, property taxes, and insurance premiums continue to mount as long as the bank owns the property.  If the REO property is vacant, there is also a risk of property damage from break-ins and inclement weather. 

In most cases, the longer a bank owns an Albuquerque / Rio Rancho foreclosure property, the more unprofitable it becomes.  This works to the buyer’s advantage as it creates additional incentives for the bank to quickly move the REO home out of its possession. The way this usually comes about is that the lender reduces the price until it becomes attractive to the market, and the property sells.