The advantages of buying REO homes directly from lenders are numerous when compared to buying the properties auctioned off at foreclosure sales at counties. New York has one of the most painstaking process for evicting occupants in properties purchased through foreclosure auctions. In most cases, it takes about 18-24 months to gain possession of a property acquired through foreclosure auction.

New York Bank Owned REO Homes

Compared to other states, buying foreclosure homes is a lengthy and costly process in New York. Therefore, home buyers and investors interested in finding great bargains in real estate in New York due to the current credit crisis will serve themselves well by only focusing on the properties already repossessed by banks and held in their REO portfolios.

Citimortgage REO, Countrywide REO, JP Morgan Chase REO, Washington Mutual REO, Indymac REO, Wachovia REO and Ocwen REO websites have a huge number of homes ready for sale. Most of these sites have a clean interface to narrow your search for REO properties according to your preferences about size and location.

The ability to inspect properties along with the flexible options offered by banks makes it easy to find great deals for REO homes in New York City and in New York City. The ability to also work with a real estate professional is another added advantage of buying properties through Bank REO departments than through the public foreclosure auctions.