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If you’re on the hunt for low-cost, high-potential investment properties, real estate owned (REO) foreclosure listings are one of the best places to look.
Unlike foreclosures purchased at auction or from sheriff’s sales, REOs offer you bargain-basement prices without the whole “sight-unseen” risk. You can tour the property, see the home for yourself, and really get a feel for what you’re buying (and what it could be worth).
Even better? Since they’ve already been claimed back by the bank, they typically come with clean titles (including HOA-related ones) and, get this: cleaned-out interiors, too. Imagine that: no post-foreclosure junk removal!
For discerning real estate investors, these properties can be a veritable goldmine -- especially considering how eager lenders usually are to unload them.
Sound intriguing? Here are some places to do a quick REO property search in your area:
Most large banks also have their own REO foreclosure listings, too:
- Wells Fargo
- M&T Bank
- BMO Harris
- Chemical Bank
- Bank of America
- People’s United Bank
- Fifth Third
- First Tennessee
- Republic Bank
- First Citizens
- Zions Bank
You can also enlist a local real estate agent to help you with your REO property search. Just make sure you choose one with experience in REO foreclosures. (Many brokerages have divisions entirely devoted to them, so it shouldn’t be too difficult.)
Once you do find that high-potential REO listing, don’t be afraid to play hardball. The lender has already foreclosed, tried to sell the home at auction, and still has the home on their books. They’re the definition of motivated to sell, so use it to your advantage -- and get a great deal.
Unfair Advantages: How Real Estate Became a Billionaire Factory
You probably know that real estate has long been the playground for the rich and well connected, and that according to recently published data it’s also been the best performing investment in modern history. And with a set of unfair advantages that are completely unheard of with other investments, it’s no surprise why.
But those barriers have come crashing down - and now it’s possible to build REAL wealth through real estate at a fraction of what it used to cost, meaning the unfair advantages are now available to individuals like you.
To get started, we’ve assembled a comprehensive guide that outlines everything you need to know about investing in real estate - and have made it available for FREE today. Simply click here to learn more and access your complimentary copy.