NCST’s flagship property acquisition program, REOMatch, also known as First Look, links financial institutions with real-estate-owned (REO) properties (Sellers) to mission-focused housing developers (Buyers), who rehabilitate these homes to stabilize neighborhoods and provide opportunities for affordable homeownership and rental. To-date, NCST has returned 27,000 distressed properties to productive use in their communities.
REOMatch provides Buyers with an exclusive opportunity to acquire properties before they are made available to the general public, with a built-in discount based on the Seller saving the costs of marketing and maintenance. The program enables Sellers to dispose of their REO properties quickly while advancing their commitment to community revitalization and homeownership and preventing distressed properties from blighting neighborhoods and reducing local home values.
The First Look program is nationwide; however, most properties are available in those markets that continue to have large concentrations of distressed and low-value REO inventory. These markets face a number of challenges, including rehab costs that exceed post-rehab value, and when not handled properly, may potentially depress local housing markets, endanger neighbors, create blight, and burden municipalities.
For more information about becoming an NCST community buyer, please contact us.