At Westcott Properties

You will find the most foreclosures, bank-owned, distressed properties, and investment opportunities than anywhere else in Rhode Island.

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Frequent Questions and Concerns:

What does REO stand for?

    REO is short for the term Real Estate Owen, and is used by the banks when reffering to foreclosure properties.

What is a Foreclosure property?

    A Foreclosure property is one that is owned by the lender. 

What is a HUD Home?

    A HUD Home is a 1-4 Unit Single Family Residence Acquired as a result of a Foreclosure on an FHA Insured Mortgage. These homes are offered for sale at fair market value based on a recent appraisal and are sold "AS IS". 

What types of financing are available for REO properties?

    The financing options for REO properties differ for each property depending on the condition it is in. Options may include but are not limited to Conventional Financing, FHA, 203(k), and VA. 

Are there any disclosures on REO properties?

    If the seller is aware of any safety or hazardous issues with the property, they will disclose this information to the listing agent.

Can an inspection be done on an REO property?

    Yes. Typically an inspection can be performed once the offer has been accepted. A request may also be made to have an inspection done before the offer was accepted, and will need approval from the seller before taking place.

How long does it take to hear from the seller on an offer?

    It can take at least 2-3 business days for an offer response from a typical corporate seller, however it would not be unusual for it to take longer.