Foreclosures are of different types. A more popular type is REO”s. These REO”s or Real Estate Owned are the result of failed foreclosures that went through the legal system and reverts back to the bank or lending institution.
The major benefits to the buyer of REO’s are as follows:
1. A saving of 20% to 30% below the market value of the property.
2. Easy access to the property for inspection.
3. The bank or lending institution is likely to cover all costs such as back taxes, liens, and closing costs etc.
4. There are no tenants to evict, thus avoiding the stress of evicting a tenant, which can be time consuming and frustrating.
5. There is guaranteed to be a good title to the property.
6. Less down payment will be required.
Bear in mind that these banks and lending institutions are not in the real estate business and will be very flexible in negotiating a sale with a buyer, be it an investor or a private home buyer.
Property Inspection is a very important function of the foreclosure entrepreneur.
More often than not, problems will arise that were not anticipated during this process. However, always keep in mind that these problems can and have to be fixed. The question is, what has to be fixed and how much it will cost. In an inspection, one must look at the following with great intensity: Roof, exterior, general construction, foundation, electrical, plumbing, attached structures or sheds. Always bear in mind not to fear the wind of adversity. It will be there whichever way you choose to go. Remember that a kite rises against the wind not with it.
My foreclosure course will take all the guesswork out of the process and lift you higher than you ever thought possible. To learn more about foreclosures and how to profit from foreclosures, go to
Wondering what is exactly is a foreclosure? Linda Yates, the Director of Education at Foreclosure.com, explains what a foreclosure is. She explains the definition of a term that has become more and more popular in our economy.
Video Rating: 4 / 5