When searching foreclosures on Yahoo real estate, what are the in's and out's of the Real Estate Owned listings? Is the sale price really the sale price or is it too good to be true?
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REOs - or Real Estate Owned, are properties the bank has taken back after they foreclosed on someone for non-payment of their mortgage, after the house was auctioned off to the highest bidder. A lot of times, the highest bidder is the bank, as they will automatically have someone at the auction that will bid the amount of the bank's lien. Once you see it advertised with a real estate agent, the bank has gotten the market value determined by a broker, any owners or tenants have been evicted, and the house has usually been secured. The price advertised is the price they are looking for. Don't assume that the house is worth that much though. Usually the brokers determine the highest value, and they start with that price. A lot of times the house needs a lot of repairs or upgrades. If you find one you like for a price you think is too good to be true, put an offer in for the full amount, subject to an inspection, termite report, clear title, and financing (if you need financing). If it needs construction work, have your contractor give you a written estimate that you can hold them to, and not a ballpark figure. Also, some of the homes are not mortgageable by a conventional lender (if it's not habitable). For those you will need to either pay cash, or get a short term loan from a hard money lender or other lender that will lend on After Repair Value. Good luck!
