Comments on: How do I find REO and foreclosures in my area?

By: Stevie B

Stevie B — Sun, 29 Mar 2009 08:37:41 +0000

I would actually disagree with the previous respondent – who is trying to sell you something. Depending on where you are located, the foreclosure market has been closing lately, but it is not dead – there is still $$ to be made. But caution is advisable. There are local realtors in your area who deal primarily with the REO bank properties. Remember, banks are in the business of lending money, not holding houses. These retailers are “given” these listings for a smaller commission, but they know the banks – how far they are willing to negotiate, etc. I would suggest finding your local realtors who specialize in this market. These properties are often overgrown with brush or need paint – simple things like this – you won’t make a mint off of them, but it definitely has some earnings potential. Good luck….

By: vegaslee

vegaslee — Thu, 26 Mar 2009 11:22:58 +0000

Just because they are HUD foreclosures and REO properties does not mean they are going to be a good deal.

You have to remember that many people had their houses financed to 100% or more when the market was high. They did not pay on them and the banks an HUD took them back at those high prices. Sometimes you can get a short sale but you can figure the short sale price is going to be what the house is worth on todays market. It not going to be a low priced deal.

It is normally best to find a good agent that deals with people that are behind on their payments before foreclosure starts. Many of them are willing to make a deal to keep from losing the home to the bank and screwing up their credit.

By: David G

David G — Wed, 25 Mar 2009 16:08:40 +0000

DO NOT BUY REO’S THEY’RE LISTED WITH REALTORS AT MARKET PRICE

If you want a deal go to all Pre foreclosures!