For over 40 years Scott Walters owner/broker of SAW Commission Cutters has dominated the foreclosure industry. Assisting everyone from first-time home buyers to seasoned investors through the complicated and sometimes confusing purchase of a distressed property.
Real Estate Owned (or "REO") property is owned by a lender, typically a bank, government agency, or government loan insurer, after an unsuccessful sale at a foreclosure auction. A foreclosing beneficiary will typically set the opening bid at a foreclosure auction for at least the outstanding loan amount. If there are no bidders that are interested, then the beneficiary will legally repossess the property. This is commonly the case when the amount owed on the home is higher than the current market value of this foreclosure property, such as with a high loan-to-value mortgage following a real estate bubble. As soon as the beneficiary repossess the property it is listed on their books as REO and categorized as an asset (non-performing).
Where Do We Come In?
At SAW CC, we have over 30 years of experience working with HUD, banks, asset management companies, investors, and first time home buyers. Not only do we have the experience to find you an REO home or investment, but we also have the resources to set you up with the best possible financing.
REO Is Not All We Do!
Although our roots are firmly planted in the REO industry, SAW can assist you with buying or selling any home! Our agency may be small but we are mighty! Our model is not to saturate the market with hundreds of agents. SAW has an elite team of agents, all dedicated to personally assisting you with all your home buying/selling needs.