If you want property listings of bank foreclosed homes for sale, inquiring in person is one way to get them.
If you want property listings of bank foreclosed homes for sale, inquiring in person is one way to get them. Real estate owned (REO) property is typically listed on lenders’ websites and the sites of realties that sell properties for them. But often, the lender will have a list of REOs that are not online yet.
Once you have foreclosure listings and you find homes of interest, you can contact the lender or real estate agent advertising them, just as you would in a traditional sale. When you call a lender, it may refer you to a real estate broker or an asset management company. It may also have an internal asset manager who handles the REO listings and sales.
If you are truly interested in the home, you may want to get prepared to buy before you begin negotiations. Some things that make buying an REO easier:
- Review your credit history
- Get pre-approved for financing
- Research the property of interest
- Drive by the property of interest
Once you are sure you want to make an offer on the home, get a professional home inspection. While you may make an offer contingent on inspection results, you want to know if the home requires costly repairs before you make an offer on it. It’s possible that the inspect will reveal issues with the home that will change your mind about making an offer. If you do make an offer, expect that lowball offers will be refused because as a lender needs to recoup as much money as possible on an REO.
To get foreclosure listings that include REOs, homes slated for auction and short sales, go to RealtyNow for real estate listings now.