how to buy foreclosures

Most foreclosures will be sold at market value because the lender has authorized the repairs and through a broker's market analysis has determined that the property will bring fair value if it is in good condition. Other properties may need more work than others. The really bad ones will be wholesaled to real estate investors. These properties rarely make it to the general public.

The free real estate magazines available in supermarkets and convenient stores are filled with ads from real estate brokers and agents offering foreclosed real estate. These real estate brokers and agents have learned the value of offering these foreclosure properties. If nothing else, these ads will bring hunger buyers into the real estate broker's office. Almost every real estate broker and agent has been asked about foreclosed real estate properties. There are no special requirements for a real estate broker to sell bank owned property. (Also known as REO. Real Estate Owned)

The seller's representative a local real estate broker will offer these bank owned properties for sale. Regulations regarding the sale of government-owned properties change frequently. To make sure you're up-to-date on the latest changes, please visit hud.gov for HUD-owned properties and va.gov for VA-owned properties.
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