Are REO properties a bargain in Nassau County?
It’s sometimes presumed that any REO must be a steal and an opportunity for easy money. This often isn’t true. You have to be cautious about buying a REO if your intent is make money. While it’s true that the bank is typically eager to offload it quickly, they are also motivated to get as much as they can for it. When considering what to pay for REO property, 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. The bargains with money making potential exist, and many people do very well buying foreclosures. However there are also many REOs that are not good buys and may not be money makers. Time to make an offer? Most banks have a department dedicated to REO that you’ll work with when buying REO property from them. To get their properties advertised on the local MLS, the lender will often hire a listing agent. Before making your offer, you’ll want to contact either
