Are REO properties a bargain in Ft. Worth?
It’s occasionally presumed that any foreclosure must be a good deal and a possibility for guaranteed profit. This often isn’t true. You have to be very careful about buying a REO if your intent is to make money off of it. While it’s true that the bank is typically anxious to sell it soon, they are also motivated to minimize any losses. When pondering what to pay for a foreclosure, carefully analyze comparable sales in the neighborhood and be sure to take into account the time and cost of any repairs or remodeling needed to prepare the house for resale. There are bargains with potential to make money, and many people do very well flipping foreclosures. But there are also many REOs that are not good buys and not likely to turn a profit. Ready to make an offer? Most mortgage companies have a department dedicated to REO that you’ll work with while buying REO property from them. Commonly the REO department will use a listing agent to get their REO properties listed on the local MLS. Prior t
