How to Purchase a Home...REO Listing

When purchasing a home. There's several ways to aquire a home. One way is: REO Listing. This is Real Estate that is owned by the Bank that has been Foreclosed on. The homeowner stops making mortgage payments. The auction takes the house and tries to sell it at an auction. The REO Phase...If No One buys the home at the auction, the bank takes ownership of it. Pros and Cons of Buying an REO Home. Pros: You can often buy the home at a steep discount. Also, the bank clears out the old tax liens or previous owners so you can get a "Clean Title". Cons: The home might need a lot of work. The previous owners may have neglected maintainance, or even damaged the house on their way out. ALWAYS get a Professional home Inspection. Also purchase a Title Insurance Policy to protect yourself against any unknown problems with the property's history.