How Do You Purchase A Foreclosure(REO) Property?
When purchasing a foreclosure (REO) property, there are a few things a buyer must keep in mind. NEVER approach occupants of a foreclosed home. Unfortunately, there are many websites online that any potential buyer can access to get exact addresses of foreclosed homes. There exists a possibility that some of the foreclosed homes are still occupied by owners or tenants. The websites may only compile addresses of homes that have had trustee sale date pass which does not mean that the property has been vacated. NEVER enter a vacant foreclosed home that is not listed on the MLS. Safety is a always a concern with vacant foreclosed homes. Buyers should keep in mind that when dealing with foreclosure properties, patience is important. The listing agent of the foreclosed property will not list the property until it is “broom-clean”, secured on a lockbox, and safe to view. Do not try to gain an advantage over other buyers by putting yourself at risk. Do not submit an offer substantially below th
