Looking to Buy a Bank Owned (REO) Property: Here are some tips!

Anyone can buy a REO property.  You just have to find the correct individual that is in charge of the decision of selling the asset.  Here are ways to find bank-owned properties:

  • Bank/Lending Institution Websites – Many of their websites post lists of properties that are bank-owned with a listing price and Realtors to contact for more information.  In addition, they may list a particular department and/or companies that are in charge of selling foreclosed properties that have or are on the way of becoming REO.
  • RealtyTrac.com – This website has properties listed in different categories such as:  Pre-Foreclosure (defaults); Auctions; Bank-Owned; Homes for Sale
  • Auction Companies – Some lending institutions place their properties with an auction company to sell the asset instead of a realty company.
  • Realtor – You can hire a realtor to do the search of bank-owned properties for you!

Using the internet as your tool will be very helpful in your search.

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