It can be an exciting and sometimes overwhelming process to find and purchase a home. You want to ensure the home you purchase is right for you and that you have a seasoned Homes For Sale real estate agent to help guide you through the process.
If you are house hunting, you may want to consider buying a foreclosed home, also commonly referred to as a real estate owned (REO) property. An REO property is owned by the bank/lender as a result of the previous owner defaulting on the loan. This is also known as a foreclosure property or a bank-owned property.
The most common way to buy a foreclosed home is through a real estate agent who specializes in home foreclosures or REO properties. There are many factors to consider when buying a foreclosed home compared to a traditional home purchase. REO properties are an affordable housing option, but there are also more things to watch for with this type of home purchase so it is important that you work with a real estate agent who is experienced with REO properties. An experienced professional can guide you through any additional paperwork that may come with buying a foreclosed home and can help you determine if the price is a good value.
Buyers should be advised that when negotiating the purchase price of a foreclosed home may take a little longer than a standard real estate transaction because the process may require multiple levels of approval. First, the bank will have to approve the offer. In some cases, an investor may own the property and will have to provide approval as well. Pricing for a foreclosed home is typically set at market value in an effort to move the property quickly. You will want to submit a fair and reasonable offer, as most banks will list properties at a fair price.
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