Miller Land & LiveStock Company is opening a new division for REO Real Estate at Auction.  This division will handle the sale and marketing of REO real estate to help financial institutions sell real estate within 60 to 90 days after receiving it into their inventory.

Miller Land & LiveStock Company will handle the complete sale from listing it for auction to marketing the subject property, to closing of the subject property for the Investor at the time of auction.

Miller Land & LiveStock works with a number of local Real Estate Brokers in South Central, Central and Southwest Wisconsin as the Licensed Real Estate broker in Wisconsin and will work with a local licensed title company in the area of the subject property.  If out of state sale Miller Land  & LiveStock will work with a licensed broker in the area of the subject property. Miller Land & LiveStock is affiliated with National and International Auction Real Estate Firms.  Miller Land & LiveStock can handle any type of property, from farm and ranch, to commercial, to multi-family and single-family properties.

If you are a seller or buyer of REO property give us a call and let us help you.

1-608-524-0365

auction@execpc.com

auction@jvlnet.com

We have an in house get ready team to clean up and repair your REO Propety

Give us a call for a NO Charge Bid. 

REO vs. Foreclosure

An REO (Real Estate Owned) is a property that goes back to the mortgage company after an unsuccessful foreclosure auction. You see, most foreclosure auctions do not even result in bids. After all, if there was enough equity in the property to satisfy the loan, the owner would have probably sold the property and paid off the bank. That is why the property ends up at a foreclosure or trustee sale.

Foreclosure sales begin with a minimum bid that includes the loan balance, any accrued interest, plus attorney's fees and any costs association with the foreclosure process. In order to bid at a foreclosure auction, you must have a cashier's check in your hand for the full amount of your bid. If you are the successful bidder, you receive the property in "as is" condition, which may include someone still living in the property. There may also be other liens against the property.

Since what is owed to the bank is almost always more than what the property is worth, very few foreclosure auctions result in a successful sale. Then the property "reverts" to the bank. It becomes an REO, or "real estate owned" property.

REO Properties For Sale

The bank now owns the property and the mortgage loan no longer exists. The bank will handle the eviction, if necessary, and may do some repairs. They will negotiate with the IRS for removal of tax liens and pay off any homeowner’s association dues. As a purchaser of an REO property, the buyer will receive a title insurance policy and the opportunity to investigate the property.

Miller Land & LiveStock will market the property in the local and regional area using signage/posters and mailings.  Miller Land & LiveStock will market the property on the internet on several real estate web sites, such as the NAA www.auctioneers.org  WAA  www.wisconsinauctioneers.org and several other Real Estate Auction web sites.  Marketing agreements will be worked out and agreed to between Miller Land & LiveStock and the Investor Bank.

The auctions can be held Absolute or with a Reserve.  This will be listed in all marketing as to how the subject property will be sold, Absolute (no reserve) or sold with a Reserve (minimum bid).

The property will be sold either with a Buyers Premium or without Buyers Premiun.  This is to be established at the time of contract and the amount/percentage of the Buyers Premium.  (Buyers Premium is where the buyer of the property pays an additional percentage of the contract bid at the time of sale and the owner pays no auction or closing commission)  This will be noted on all marketing.

 If you are planning on attending one of our REO or Standard Real Estate Auctions you must post with the Auction Company $5,000 Cashier Check at the time of your high bid.  This check is not refundable if you fail to close on the real estate and you are the high bidder.  You must prove that you are a qualified buyer prior to receiving a bidders number, by providing a letter of credit from your bank, lending institution or CPA prior to or on the day of the sale.

 For additional information contact us at

1-608-524-0365

auction@jvlnet.com

auction@execpc.com

Use our "On Line Auction Web Site"

to sell your REO property. In some cases no fee's to the seller.

Contact us at

auction@execpc.com

Visit our "On Line Auction Web Site"

@

Miller On Line Auctions