What is REO?  REO (real estate owned) is the acronym used to describe property that has been taken back by a lender after an auction.  In some cases, the lender will have to evict the tenants and pay off liens.  In many cases, they will make some minor repairs in order to prepare the property for sale.  Most times, however, they will sell the property in as-is condition.  These are often the best properties for bargain-hunters.

How can I purchase a property?  Before you make an offer on any property, you need to do your homework and prepare the proper documentation.  Lenders want to move their inventory quickly, so they work best with buyers who are serious and prepared. 

If you’re planning to finance your purchase, have your pre-qualification or pre-approval paperwork ready to submit along with your Offer to Purchase.  If you’re planning to buy for cash, be sure to have your Proof of Funds available.  In any case, buying bank-owned property often requires quick action, so be sure to submit your “highest and best” offer first.  Lenders aren’t willing to play the waiting game and you can lose a great bargain by procrastinating.

Buying property in as-is condition has its advantages.  Although the lenders selling these properties usually don't want to make repairs, they’re often willing to offer a credit if you can provide a reasonable estimate for any repairs required for the transfer of ownership.

How can I find REO property on AmericanForeclosures.com?

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