Tips for Buying Homes for Sale at Discounted Prices ...

Contributor NetworkMay 26, 2010 "Contribute content like this. Homes for Sale While most Real Estate is listed through licensed realtors, plenty of properties can be purchased directly from homeowners, probate estates and bank loss mitigation departments offering foreclosure houses at discounted rates. Some of the most popular Homes for Sale are bank foreclosures. Also known as real estate owned or REO properties, bank owned real estate is foreclosure property that did not sell through public auction. Once banks take possession of the property they remove attached liens and judgments and evict foreclosed homeowners or tenants. If bank owned properties require substantial repair, banks sometimes invest money into the property to return it to livable condition. However, in most cases, REO homes are sold in "as-is" condition and buyers are responsible for repairs and renovations. Bank owned properties are usually priced a bit higher than houses sold through foreclosure auctions. However, buyers do not have to contend with expensive and time-consuming processes of removing liens and judgments or tenant eviction because REO homes are sold with a clean title. Another popular choice of homes for sale is for sale by owner properties. Homeowners act as the real estate agent and can reduce the asking price because there is no realtor commission involved. It is best to work with a real estate lawyer when purchasing FSBO houses. Buyers should engage in the same type of due diligence they would buying houses through real estate agents. You don't have to buy anything from me to find out the info. I've been curious about probate and bank owned properties.