If you are looking for an investment on a REO property take your time, do your homework and you could save money and get a good property. Bank REO departments work with you and your agent if you have one, to sell you a house that is in foreclosure. These are special deals and you must know a little about construction or take your own inspector with you. Preferably one you do not have to pay. They will not reimburse you for this inspection and you will not be able to get an inspection after you sign the contract to buy. All REO property is sold “as-is” and normally you will not be able to get an inspection contingency where a buyer can back out. Some times however, a loan officer of the bank will qualify you for more to include the renovations needed. You should probably have your own lawyer advising you during the contract period. Your agent should meet with a contractor so you will know realistically what the cost of rehab will cost. Then you can decide how much to offer for the property. They usually ask for 10% down in earnest money but try to stay around $1000.00.
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