Looking To Buy Bank Owned Properties For A Steal?
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Are you ready to buy possibly the best money-making investment you ever have? Search REO listings free and learn how an REO property differs from standard seller properties as well as how to spot the best deal, all right here from the pages of this ultimate information website!
"What Is An REO"?
REO means Real Estate Owned by a bank or lender that acquired the property through foreclosure proceedings. REO Listings Free Local Search
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Most of these properties are left in great disrepair by the previous owner and may not be habitable. They are what we call hard fixers that may not qualify for conventional bank financing. They are more often than not offered for sale only to "cash" buyers or sometimes with hard money private lender financing.
Don't be fooled thinking that all REO properties present themselves as a great buy. Be diligent by inspecting all aspects of the property preferably obtaining a licensed home inspector as well as other qualified licensed professionals.
Compile a detailed list of all need repairs or improvements as well as cost estimates for all items. You may find that by the time you drop "x" dollars into bringing the property up to minimum standards plus the purchase price, you would have made out better by purchasing an alternative property!
The good news is, your thorough analysis will help you to become a savvy investor, spotting many REO's that could be a great buy and acquired for much below market value!
Most REO sellers will not make repairs or warrant the property. They also hold all the cards! The sales transactions are heavily dictated by them so it's usually their way or no way unlike a private seller that is more flexible in negotiating terms with a buyer.
Further, REO sellers have never lived in or on the property and are exempt from disclosure. So buyer, "beware". It's all on you and your own investigations!
Do You Know...
Real estate agents and brokers are not responsible for knowing a property's condition or other issues that may affect a property. Please read your entire contract, complete all necessary inspections and investigations, ask questions and seek legal advice when appropriate.
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