Buying a Foreclosure Property?

Posted on: Feb 16, 2015 | author: admin

If you are in the market to find and purchase a foreclosure property, also known as Real Estate Owned (REO) or Bank owned property, there are two main factors, which you would like to consider first. These are: 1. Negotiation on the purchased price – It’s very difficult to negotiate on foreclosed properties. The prices are set according to the fair market value for quick sell and require multiple levels of approval. 2. Condition of the property – Banks do not have first-hand knowledge of the foreclosed property prior to acquisition. Therefore, banks do not have any records of maintenance and repair work...

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