How Do You Buy Foreclosures From A Bank REO?
Foreclosed homes that do not sell at auction revert back to the lender. These properties are known as bank-owned or REOs. Purchasing these properties from the lender directly is a little different from purchasing a foreclosure at auction or from a realtor, or even from buying a home on the open market. Buying a foreclosure from a bank requires patience and persistence on the part of the buyer in order to be successful. Find an REO home. Many banks and other lenders have lists of the properties they own on their Web site. The intent of the lender is to sell the property and recover as much of the loss from the foreclosure as possible. In order to do this, they must let the public know what properties they have for sale. There are listing services out there as well, but they usually charge a fee. Visit the property. Most REO properties have been sitting vacant for a while and most are in need of some repair. The lender may perform some repairs to the property, but if the damage is merely
