Tips for Buying Lender-Owned Properties (REOs)
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Every buyer in this market wants a bargain! And while you may want to hit the jackpot by buying foreclosed properties – those homes that are offered as real estate-owned (REO), lender-owned or corporate-owned properties - it is essential to understand the differences between buying a “regular” listing and buying an REO.
Lenders are not in the business of owning real estate. Once they decide to foreclose on a home and on-sell it, they are looking for:
In addition, you should know that:
Knowing these facts, if you wish to be successful buying REOs, you need to design your buying strategy to appeal to the lender. Here are a few tips to help you:
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Team BuyHomesInCharleston.com offers professional real estate services including buyer and seller representation in Charleston-Mount Pleasant, SC. For additional information please contact us at alan@BuyHomesInCharleston.com or by phone at (843) 416-1434.