REO’s: Consider This!
For investors and homebuyers looking to purchase a Real Estate Owned (REO), there has never been a better time than now. Without the proper preparation, buying a foreclosure can be risky. Make a smart investment by doing your homework first.
Contact the city for current tax and assessment information, and check for unpaid utilities, water and sewer bills. Search the title and public records to ensure there are no leins or assessments against the property. Get a professionally property inspection, as not all damage done to the house is visible.
You can’t expect to turn around a profit right away. Investors who do as little as possible to a house, hoping to resell for a profit when the market turns around, may find tiny profits and huge hassles. Some cities penalize neglectful property owners, charging penalties that increase over time.