REO is a term used in the real estate industry to mean that an institution (e.g. bank, lender, investment group) foreclosed and took back possession of a property. When people use the term foreclosure, they generally mean this type of property.
These represent a potential great investment opportunity because the institution wants to get the property off their books and it is usually a straight business decision for them ... like offer price versus carrying costs/market. These type of properties are also much easier and quicker to purchase than short sales (where an owner needs to sell a property for less than they owe and the lender/lien holders must also approve the transaction -- a process that can sometimes take 4 to 6 months or more).
Following are REO or Bank Owned Condominiums and Homes in the Park City Utah Area (Condominiums then Homes shown):
National Association of Realtors Certified Short Sale and Foreclosure Resource
HINT: Click house icons above for more information.
"Luxury condominium on the Park City golf course 18th green with stunning ski run views and near the base of Prk City Mountain Resort. Five -star service and amenities include pool and hot tub, fitness gym, concierge and bellman at front desk, golf pro shop and cross country ski center, spa and salon, Ruths Chris Steak House, shuttle service to resorts, to a name a few. Elegant furnishings with beautifully appointed lobby area. Excellent rental income for second home owner and/or investor. "
"Updated studio with granite countertops, slate and hardwood floors. On main floor in quiet setting, building 6 is next to Rail Trail. Utilities included in the HOA dues. Ready to rent or occupy. Square footage source is Public Record."
"Lodge at Stillwater 1 bedroom lockout unit. Great unit. Buyer to verify all information. This property is eligible under the Freddie Mac First Look Initiative through 05/12/12. Please see HomeSteps.com for details."
"Great area near Tanger Outlet. Easy access to freeway and Park City skiing, shopping, hiking and biking. Unit is in great condition. It is an end unit on the second level. Playground visible from the unit."
"Fox Point Single level Condo above quiet retail spaces. Very good condition. Large 2 car garage with pull down stairs and tons of storage. Price is right for first time buyer, second home or a fantastic rental. o This property is eligible under the Freddie Mac First Look Initiative through 05/23/12. Please see HomeSteps.com for details."
"Great 3 bedroom 2 bath condo located at the base of Olympic Ski Jumps, knotty alder cabinets, doors, and trim. nice floorplan,fireplace in front room,amazing views, minutes away from 3 world class ski resorts, COME SEE!! BUYER'S AGENT MUST SUBMIT OFFER ON"
"Sunny South/West facing desirable Deer Mountain Townhome end unit. Newly upgraded 3 bedroom/3bath , lower level buildout for second family room with wet bar and third bathroom both adjacent to third bedroom. Lots of storage! Great views of Jordanelle and Deer Valley. Stainless appliances, granite, tile countertops. Buyer to verify all information & measurements. Beautiful!"
"Silver Baron Lodge, where quality and finishes all blend together. The setting at Silver Baron is both mountain rustic with a sense of true mountain lifestyle. Silver Baron Lodge is located in the Snow Park area of Deer Valley, within walking distance to the Deer Valley ski resort. Amenities include daily continental breakfast, heated outdoor pool and hot tub, private hot tubs on the outside deck, daily housekeeping, complimentary in-resort shuttle , on--site check-in and bell service. This "
"Priced reduced 10K for quick sale! Updated kitchen with hardwood floors and stainless steel appliances! Rest of the home needs some TLC. This property is part of the First Look program. Only OWNER OCCUPIED OFFERS will be considered the first 15 days on market. HOMEPATH FINANCING AVAILABLE for as little as 3% down and no appraisal fee. ***THE SELLER HAS DIRECTED THAT ALL OFFERS ON THIS LISTING BE MADE USING THE HOMEPATH ONLINE OFFER SYSTEM. PLEASE SEE ATTACHED DOCUMENT ON HOW TO SUBMIT AN OFF"
"Immaculate, ready to move in South facing home 3BR/2.5 BA unfinished framed 813 ft basement w/roughed in 3rd bath/kitchen plumbing. Spacious Master bedroom/bath with walkin closet, vaulted ceilings & custom curtains in living room & master bedroom, open floor plan, pantry, laundry. 2 car garage w/RV pad, Mtn. views, yard with auto sprinklers. Close to schools, churches, shopping recreation and Utah County 20 min, Deer Valley 10 min, Park City 20 min, SLC 40 min. "
"BRAND NEW carpet, paint and kitchen appliances! NOT A RISCO/SUPRA LOCKBOX. See agent remarks for keybox code. Buyer/BB to verify all info. Seller willing to pay for 2 year Home Warranty FOR OWNER OCCUPIED. This property is eligible under the Freddie Mac First Look Initiative through 04/16/2012."
" Nice home on a cul de sac lot in the center of beautiful Midway. Bank of America or Merrill Lynch pre qualification letter required. 3 bedrooms , 2 bathrooms plus a den. Good Condition."
"BEAUTIFUL 2 STORY HOME WITH GRANITE COUNTERTOPS and much more!!!! This property is part of the First Look program. Only OWNER OCCUPIED OFFERS will be considered the first 15 days on market. HOMEPATH FINANCING AVAILABLE for as little as 3% down and no appraisal fee. ***THE SELLER HAS DIRECTED THAT ALL OFFERS ON THIS LISTING BE MADE USING THE HOMEPATH ONLINE OFFER SYSTEM. PLEASE SEE ATTACHED DOCUMENT ON HOW TO SUBMIT AN OFFER.***"
"BANK HAS ACCEPTED OFFER AWAITING SIGNATURES. Excellent 5 bedroom 3 bath single family home with unique floorplan, vaulted ceiling, 3-car garage,great kitchen area, large bedrooms,master bath with sep. shower/tub and double sink,walk-in closet, amazing mountain views, huge covered deck,COME SEE!! ****SUPRA ***SHOW ANYTIME NO APPT NEEDED **A Pre-Qual Letter, Proof of Funds, Owner Occ Cert and earnest money MUST accompany ALL offers"
"NO CERTIFICATE OF OCCUPANCY! Property is sold AS-IS including any existing appliances, plumbing, heating and air conditioning and electrical systems. Offers will not be considered until seven (7) calendar days after initial listing period begins. Only offers from buyers utilizing federal funds under the Neighborhood Stabilization Program (NSP), municipalities, non-profit organizations and owner-occupants will be considered during the eighth (8th) through the twelfth (12th) calendar days afte"
"Excellent 6 bedroom 2.75 bath single family home with New carpet, New paint, nice floorplan, spacious bedrooms, mother-in-law apt, great views. Horse property. COME SEE!! **SUPRA ***SHOW ANYTIME NO APPT NEEDED **A Pre-Qual Letter, Proof of Funds, Owner Occ Cert and earnest money MUST accompany ALL offers."
" Nice Jeremy Ranch Golf Course home. Some updates have been completed. Perfect starter home and build in some sweat equity or investor special. For special financing and incentives, Seller requests potential buyers contact the local Park City Chase Loan Officer . Email list agent for details."
"***VACANT**SHOW ANYTIME**Home on a large lot with additional detached garage with heating system! Interior has been updated: paint, hardwood floors, updated kitchen, customs doors and more! Features a walk-out basement as well!***This is a Fannie Mae HomePath property. Purchase this property for as little as 3% down! This property is approved for HomePath Mortgage Financing & HomePath Renovation Mortgage Financing**Eligibility restrictions apply.*** BUYER MUST VERIFY ALL! PLEASE VIEW AGENT R"
"Great location on the mountainside in Woodland. Great sunroom, lots of living space in a picturesque setting. Large kitchen and family room, formal living and dining rooms. 4 bedrooms on the upper level. House needs some work. Please see confidential remarks for showing instructions and currrent promotions."
"FantasticBank Owned Home on year round creek in Park City school district. Incredible location at the end of a private road and for the Salt Lake City commuter. Beautifully finished kitchen with large granite island and many upgrades. Bosch diswasher, viking range and oven. Huge master suite and lower level walk out. "
" This 3 bedroom 3.5 bathroom Old Town Home has a livable floor plan and a garage that can fit 2 cars. Walk to Main Street for dining and shopping. This home has been well maintained and would be good for a ski home or primary residence."
"Wonderful family home on a quiet cul de sac location in Chatham Hills. Home is in impecable condition with new carpet and paint on the interior and all of the exterior woodwork has been re stained. Move in ready!! "
"BANK OWNED home on over 2 acres in Thaynes Canyon. Unique contemporary home secluded by trees. Bright and light floor plan with ample windows to bring the outside in. Large master with spa like bath. Kitchen, great room, dining and bar on one level, ideal for entertainment. Theater/game room, fitness room, guest house separated by cat walk over driveway, wine cellar and more neat features. Several decks and balconies to enjoy the quiet location."
"Built in 2008 by a renowned Utah designer/Builder, this 7560 sq-ft estate home offers truly unparalleled build, finishes and attention to detail. Spectacular 360 degree views of the gorgeous Midway Valley, golf course and Lake with rare ridgeline views and out-the-door trail access for hiking, snowmobiling, ATV. Old world, Tuscan design with top of the line designer paint finishes,woodwork and fantastic 23-foot vaulted ceilings, three spacious bedroom suites (2 are walkout)and 2 designer kitchen"
