Beating Investors for Bank-Owned Homes.


With so much of the present  housing inventory being properties that have been foreclosed on by the banks, it would make sense to look at these properties if you are considering purchasing a home for you and your family. In fact, the banks who own these properties, known in the industry as REO properties (Real Estate Owned), prefer to sell to a buyer who plans to live in the home. For the first 10 to 15 days that a REO property goes on the market, many banks will only consider offers from buyers who intend on occupying the property. If your realtor is unwilling to show these homes to you, find one that is more experienced working with REO properties. This Wall Street Journal article further explains what the steps you must take to assure that you are in a position to move quickly if your offer is accepted. Read article. 


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