What do I have have to do to buy a foreclosed house?
By a foreclosed house do you mean what is called a Real Estate Owned Proporty (REO) that the bank bought back at the Trustee Sale or do you mean actually buying a property at the Trustee sale? If you mean a REO property, the lenders list those properties with a Real Estate Broker. Those properties are listed on the Multiple Listing Service of the Real Estate Brokers. If all you want to do is buy a REO property you can contact any Real Estate Broker and they will be more than happy to sell you one of the overpriced REO properties in their inventory. Those properties are generally overpriced for what they are. The properties are generally sold “as is” and generally have $100,000 to $200,000 in damages and deferred maintenance that needs to be repaired. Generally the banks overprice these properties. They usually only allow a discount of $40,000 to $50,000 for the damages, even though the amount of the damage will cost $100,000 or more to repair properly. The REO properties are priced les
