Main Content

What to Know When You’re Buying an REO Property

Buying a foreclosure often is appealing to buyers trying to stretch their dollars. It’s finding a good one can that can be a challenge.

If you’re considering the purchase of a home that is now owned by a bank, it’s also important to know at the outset just how much work you’re in for — and how much it is going to cost you. Many foreclosures are in various states of disrepair; some of the fixes are cosmetic, but some can be extensive.

Those looking for the best deal probably shouldn’t rule out non-foreclosure properties. Sometimes people set their sights on bank-owned properties assuming the word ‘foreclosure’ equals ‘good deal’, and that’s not always true.

Filed under: real estate blog · Tagged with