How to Get the Best REO Deal

How to Get the Best REO Deal REO and short-sale properties can be money pits when offers take forever to close and vacant properties are trashed. Here are some suggestions for expediting the deals:

The best short-sale deals are those where the bank has pre-approved the sale price. The property may still take a long time to close, but not as long as it would otherwise.

Buyers of a short-sale should be prepared for multiple offers. If the short-sale property is an attractive one, the lender will continue to market the property even after signing a sales contract. And if it gets a better offer, it may sell the property without giving the original buyers a chance to negotiate.

Seek out houses protected by the Cash for Keys program, which gives short-sale and foreclosed owners money to prevent them from trashing the place on the way out.

Inspections are important. If a home has been vacant, get the property re-inspected prior to closing.

Buyers shouldn't focus on price alone. Homes that are in poor neighborhoods, have serious maintenance issues, or have terrible floor plans aren’t bargains despite the price.

Source:
REALTOR® Magazine-Daily News-How to Get the Best REO Deal