best fit your needs. You’ll likely find out all the important details, including name, address, amount owed, and outstanding loans. Sometimes you’ll even find contact phone numbers which can be helpful. These listing services may also have REO properties, but don’t let that be a factor in deciding which sites to use, as most of these properties will already be listed on their lender’s (e.g., bank’s) website, which you can access for free . The third option is to look through newspapers and business journals. This is because when a foreclosure is filed, the Notice of Sale has to be published. You can look in the Public Notice section for trustee sales to find these notices.
REO/Bank-Owned Properties
The main advantages of buying REO properties is that you can get them at below market value without having to worry about unpaid taxes or liens. The downside is that it can be an intense process to buy one of these properties, but the ultimate profit is usually worth the effort. Earlier, I mentioned these homes tend to be sold as-is. However, buyers are typically allowed to have an appraisal and inspection done. Something to note here : You may be lucky enough to get an inspection period, but the bank will not make any repairs to the property and often will not re-negotiate the price. Often times, if you do an inspection, the utilities have already been shut off, especially in the winter time, and the property maybe even be winterized already. If this is the case, it's your (the buyer's) responsibility to pay for all utilities to be turned back on and to pay to have someone de-winterize the house, and then pay to re- winterize it again once your inspection is completed. This can cost you more money upfront than you were expecting, so plan for this expense when making offers on these types of properties.
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