Purchasing An REO
Hi I am a newbie investor, and am very interested in investing in foreclosures. I have been looking at a couple properties that are listed under REO. Which I know means Real Estate Owned, so if I was to decide to purchase this property does that mean that I wouldnt have to involve the home owner that went into foreclosure?
Also, the property was just listed on Oct. 11 for $18,000. Is that all that is needed to purchase this property? Or is it too good to be true?
Thank You
[ Edited by MoneyManiac on Date 11/05/2006 ]
You can check to see if it is in the MLS if not you can call the bank and get the name of the agency they use in your area.
Then you make the offer. Sometimes they take less than they paid out some times much more if the house is in an area where the homes sell well or if it is in good condition