How Do I Find an REO Buyer’s Agent Who Knows Bank-Owned Home Sales?

You’ve been driving past that cute bungalow for years but didn’t think you could afford the neighborhood. But then, it went into foreclosure and didn’t sell at auction, and now it’s listed as an REO or real estate-owned property. Could you finally have a chance to make it yours? Yes — but you’ll need an REO buyer’s agent. Before you start shopping for distressed properties, you should know what you’re getting into. Even experienced homebuyers who’ve already bought and sold a few homes will find the process much different, and they will also need an agent who specializes in REO sales. Find a Top Agent For Your REO Home Purchase If you’re in the market for a real estate-owned home, the process can be a little different from a traditional real estate transaction. Work with an agent who specializes in REO sales. What’s an REO home? A “real estate-owned,” or REO, home is one that’s owned by a bank. The owner either forfeited it to the bank, or the house went to foreclosure auction and didn’t sell. Whatever the case, now the house belongs to the bank. Buying a bank-owned home isn’t the same as buying a house from a private homeowner. In a typical home sale, if the home inspection finds i...