Sunday, January 27, 2008

REO Homes

I had many people ask me about my Foreclosure list article. That article was geared for investors looking for Pre-Foreclosure lists.

If you are a Real Estate Investor or a buyer looking for a great deat, I have compiled a small list of link I have gathered. These links are to wll known Banks and Financial Institutions that list their REO properties directly.




Bank of America

JP Morgan Chase

Wells Fargo

What is an REO you ask? REO stands for Real Estate Owned and usually refers to a property that was foreclosed and is now owned by the bank itself. That means, that at foreclosure, no one either showed up at the auction or did not bid at all.

These properties usually represent a great deal as Investments as usually the 1st Trust Deed forecloses. This means that the bank is in it for only 80% of the original value. Therefore, when they put it up for sale, it is usually around that figure.

BUT, the price they listed it at is NOT the price you have to purchase it at. You can always make a lower offer and see if they get accepted. Depending on which bank owns the properties and what their specific circumstances are, you may walk away with a Great Deal!


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Patrick said...

It is just so tempting to abandon the real estate business (at least temporarily) right now. However I’ll look into your ideas. Thanks

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