Pelham, NH (PRWEB) September 12, 2007
REOsNH.com, NH's primary REO reporting service launches the long awaited online database of NH bank owned properties. The site provides users with the ability to search through the over 975 bank owned properties in every city and town in NH. All active REO listings provide basic property information with a link to the full MLS listing sheet as well as any changes in price.
"The REOsNH.com website originated from several trends that we have been following for the past year and a half," says James Kenney, president of REOsNH.com. "Initially, we discovered that REOs were increasing at just about the same pace as foreclosures and as the volume increased we began seeing the REOs show up in the MLS. As we tracked the REOs in the MLS we noticed that the price decreased on a consistent basis (every 2-3 weeks) saving buyers thousands of dollars. After tracking REOs that were sold we found that price decreased on average $25,000 from the original price determined by the financial institution. Upon further research, we learned that there is actually less risk involved in purchasing an REO than a foreclosure because the bank will: work with the IRS to get any tax liens removed, perform repairs, evict any occupants, and provide title insurance."
As REOsNH.com predicted last year, investors will find REOs to be the best opportunity to purchase real estate at a discount. Foreclosures are at all time highs but most are not selling at auction because there is little to no equity in the properties. This is a result of declining market values and homeowners who financed/refinanced 95-100% of the equity, thus making REOsNH.com is a great resource for investors looking for a great deal.