Asheville Banks Offer Incentives to Unload REOs

Many lenders with large inventories of REOs are turning to incentives in the hopes of increasing sales of these often vacant, deteriorating properties.

For example with Asheville Real Estate, Fannie Mae REOs which is available to individual buyers and investors, home buyers do not need perfect credit and can put down as little as 3% of the property price, qualifying for a loan up to 97 percent of the purchase price.

Many other cities are coming up with their own programs to stimulate sales. For example, JPMorgan Chase recently teamed with Detroit city officials to police officers and city employees who purchase a vacant home in the city over the next two years. The first buyers will receive $25,000 in down payment assistance, while 60 other buyers will receive up to $15,000.

There are all kinds of opportunities available and well worth the research not including great prices and record low interest rates.

This is the time as bank owned inventory is still strong but depleting quickly as there is not as many going on the market as in the past.