REO's

Real Estate Owned : Is a property that goes back to the lending company if the foreclosure process was unsuccessful. Buying reo's are not always a great deal, and again remember that term "due diligence" I talk about it so much,well it will have to be done for REO's ,before making an offer.Make sure the price you offer is comparable to properties in the area. Staying within a 3/4 radius for comps can give you a idea on what has sold in the last few days to the last 6 months.

Make sure and consider the repair cost, how long it will take for all the repairs etc... Contacting contractors, sometimes will benefit you,  they can give you their evaluation for the work that is going to be needed, sometimes a handyman, Realtor comps of recently sold properties can give you idea as to what materials were used to repair or replace certain items. Remember that REO;s can be a tremendous  investment opportunity or it can be costly and  trouble. Make your offer and make it easy for the bank to accept.


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