Unlike a standard home purchase, the bank has likely never lived in the property and will offer no disclosures.
: Many banks eventually hire local real estate agents to list these properties on the Multiple Listing Service. 2. Secure REO-Specific Financing how to buy a reo home
: Since REOs are sold as-is , they may not meet standard loan requirements. Programs like the FHA 203(k) allow you to bundle purchase and repair costs into one mortgage. 3. Hire an Experienced Buyer's Agent Unlike a standard home purchase, the bank has
: Verify if the property is vacant. If it is "REO-occupied," you may inherit the responsibility of legally evicting the former owners or tenants. Unlike a standard home purchase