Disclaimer: Not all items specified here should negatively impact your decision to purchase an REO property nor applicable for all banks. Each foreclosure sale is different and requires a lot of details to be handled when buying a foreclosed (REO) property. Consult with your real estate agent and/or your real estate attorney for questions regarding purchasing a foreclosed property.
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DIFFERENCES:
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In most parts, purchasing a foreclosed (REO) property and the process of offering, counter-offering and negotiations will be somehow different than regular (non-foreclosed) sales. There are many lender’s specific rules and requirements that require purchaser to follow.
Please note that following is a summary list of differences that I have collected during my years of experiences in real estate and I believe the REO purchasers must be aware of them. This list should be used as an educational and for informational purposes only and may not be complete.
For example
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Things Buyer should Know Purchasing REO Foreclosed Property
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