Chris RichardsonForeclosures
Foreclosures represent a great opportunity to buy. They are often called bank owned or REO properties. There are a few tips to remember when looking to purchase a bank-owned property…
- The properties typically have multiple offers on them, so your pricing must be aggressive.
- The properties are often priced below market value to incite multiple offer situations.
- The listing agents typically have a large portfolio of bank owned properties, a lot of times you get slow response from them. Also, they cannot control the asset manager (bank representative) that picks and chooses the offers that they want to go with.
- You will have to sign a NRS 113 waiver that will waive your rights to receive a sellers disclosure (this risk is mitigated by getting a home inspection)
To search bank owned properties, click here
