Q: $500,000 deals

kffight3r
90
Hi everyone,

Does anyone have experience buying REOs (foreclosed homes from banks), I am trying to find a good deal like everything else I buy lol. Does anyone have any tips, where to look, what kind of agent to get, how to check for liens/clean title? I have my financing in hand, just need to learn how to search and execute. I have been going on bank's websites but it takes so long because there are so many banks to check.

Thanks fellow dealhunters.
kffight3r posted Feb 05, 2013
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4 Comments
chuckydealpl
Talk to a real estate person first. Inquire about short sales and get a feel if they know anything about REOs without tipping your hand if you don't want an agent. Won't cost you anything and they can give you some leads. Good luck.
chuckydealpl (rep: 40.6k) posted Feb 05, 2013
00
rugbyua9
We bought a foreclosure in November of 2011 for CHEAP. We searched for houses on www.homepath.com . Those are all the foreclosed houses owned by Fannie Mae. Hope this helps some.
rugbyua9 (rep: 235) posted Feb 05, 2013
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kffight3r
yup thanks guys. Fannie Mae is one of the 15 that I am looking at... they have a very small selection for my area though. I do want an agent so it's just a matter of finding the right person. My guy does short sales and foreclosures right now but he's not very responsive to emails and calls which is annoying.
kffight3r (rep: 712) posted Feb 05, 2013
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rugbyua9
Yeah, dump that guy. You need to act fast on these things. We put in an offer on ours about an hour after it went on the market.
rugbyua9 (rep: 235) posted Feb 06, 2013
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