Frequently Asked Questions
About Our Business
CastleRock REO is one of the nation’s leading wholesalers of foreclosed homes. Our long standing relationships with lending institutions and our ability to fund large bulk purchases of homes allows us to purchase properties at huge discounts. Because of this we are able to pass those savings directly on to our investors!
Founders of CastleRock REO have been in the real estate business for over 30 years combined. They have been featured on CNN, NY Times, Connecticut Post, Fairfield County Business Journal and numerous other publications. With an established track record of successfully and profitably managing distressed residential and commercial real estate assets, our team has completed in excess of two thousand transactions with a total value in excess of $150 million. Our experience in real estate finance, development, and management, demonstrates our ability to handle all aspects of REO transactions. We pride ourselves on our high standard of ethics. Head on over to our testimonials page to read first-hand accounts of some of the people we have helped buy a home.
Amazingly, many of the homes we sell previously sold 5 years ago between $100,000 and $200,000. Due to the massive amount of foreclosures which took place over the last few years, banks are literally selling them for pennies on the dollar. CastleRock’s long standing relationships with lending institutions and our ability to fund large bulk purchases of homes allows us to purchase at huge discounts and in turn sell at discounts to the public.
CastleRock REO purchases and sells home across the entire country. Most of our homes are located in the Midwest, Southeast, and Mid-Atlantic regions of the United States. If you see that we do not have a home in a particular state, don’t worry. Since we are constantly purchasing properties, you next home may be weeks away from being added to our inventory. See our properties page for a full list of current homes for sale.
We encourage anyone who wishes to purchase a home from us to visit the property in order to fully inspect and assess the property. Once you have located a home of interest we recommend you call the assigned asset manager and set up a time to view the property. Due to our large inventory, we have several asset managers that are assigned different homes across the country. You can locate the info of your asset manager on the side of the property page. Once you set up a time to view the property, we will provide you with a unique code in order to gain access to the home.
Each one our homes that we sell are unique and are all in varying conditions. The majority of our homes need work and repairs. However not all of them do. In order to fully assess the physical condition of the property we encourage you to do all of your own due diligence. This includes touring the property and inspecting it to make sure you are fully aware of the condition and any physical defects. Since we have not been in any of our properties we do not make any representations as to the condition.
The majority of our homes that we buy have been winterized. In addition, the power and water most likely has been shut off temporarily. If you purchase a home, please contact the appropriate municipalities and companies in order to restore the utilities.
A common question that comes from most of our buyers is how we sell our homes without physically being at the property. Due to our large inventory and headquarters outside of New York City, we are not able to visit the homes we sell. However, all of our homes have been physically inspected and researched by our research department as well as our team of inspectors nationwide. These inspectors are able to give us an evaluation of the properties current condition.
Liens and Taxes
Since our properties have recently gone through the foreclosure process most liens have been wiped out. The only taxes/liens that stay with our properties are delinquent and current taxes (if any), delinquent water bills (in certain areas) and housing code violations. We are happy to share any information our research department has obtained relating to liens, back taxes, etc. However, we do not make any representations and recommend that you do your own due diligence to confirm. If you have further concerns you can order a title report which we can assist you in obtaining. Title reports generally run between $150 and $300 depending upon location of the property and title company.
Title and Deeds
Most of our buyers obtain title through a quit claim deed. This is how we receive title from the banks and how we transfer them to our buyers in most cases. There is a $295 deed recording fee which is the only closing expense if you take title with a quit claim deed. The other option is to obtain a special or limited warranty deed through a full closing, in which case you will have to obtain title insurance from a third party title company.
If you chose to use a title company you should be aware that title insurance will only cover the cost of the house and does not cover any improvements you make or any appreciation over time.
A quit claim deed essentially transfers whatever rights the existing owner/grantor has in the property, but includes no guarantees that clear title exists. Quitclaims do not guarantee the title is clear of liens, such as tax liens, mortgage liens, mechanics liens and the like, or that there are no other owners on title as well as the grantor. The interest the grantor has is what the grantee gets. Quitclaim deeds are by far the easiest, quickest, and least expensive to use, and require little professional assistance.
A special or limited warranty deed is less protective to the buyer than a general warranty deed. The grantor of a special warranty deed conveys the property with two warranties: that he or she received the title to the property; and, that the property was not encumbered during his or her ownership. The grantor of a special warranty deed warrants the title only against his or her own omissions and/or defects, and warrants nothing pertaining to the title prior to his or her possession.
The deed to the property remains in CastleRock REO’s name until the note is paid in full. The deed is transferred into buyers name once all terms of the note are fulfilled. You have the option to pre pay at any time or make additional payments to reduce principal without penalty.
When purchasing from CastleRock REO we offer two methods of purchase.
The easiest, most simple and cheapest way is to purchase a home from CastleRock REO is through cash. We are able to give you the best possible pricing this way. When it comes to paying in cash we accept the following.
- Wire transfer
- Certified bank check
If you are unable to come up with the entire cash price at once we offer owner financing through a land contract (also known as contract for deed). Our owner financing is offered through a 20 year note at a fixed rate of interest. The financed price is typically based on a note amount higher than the cash price you see on our website. In order to get owner financing for one of our homes, you need to fill out an application and get approved.
There are no pre-payment penalties and we encourage you to refinance and pre pay the balance of your note at any time. Your monthly payments, which include taxes, are typically less than average rent in the neighborhood, making this an incredible opportunity for renters to become home owners.
- Stable income for at least a year.
- Able to fix, maintain, and make necessary repairs to the home.
Combined monthly net income requirement:
- Note Amount of $25,000 Or Under: $2,000/Month minimum income
- Note Amount of $25,001 – $50,000: $3,000/Month minimum income
- Note Amount of $50,001 – $75,000: $4,000/Month minimum income
- Note Amount of $75,001 – $100,000+: $5,000/Month minimum income
Yes! Many of our properties are listed on the MLS with local realtors. Please email us at email@example.com if you would like to be added to our list of potential realtors. Please include all the following information so we can add you to our vendor database.
- Phone Number
- Website (if applicable)
- Counties Served
If you still have any questions, please do not hesitate to contact us.