Buying Foreclosures?

Question: How do you find and buy foreclosure real estate properties?

Answer:
Contact your local real estate professional. They can send you listings that are REO's (Bank Owned Properties). They can also help you understand what the market is like. Most banks list their properties with agents to market them. You can also look at HUD and VA foreclosures as a possible source. Your agent can help you with that also. This is usually the best path to take if you are just starting out.

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Talk to your local bank. Ask about their REO department. Real Estate Owned. These are properties that the bank took back. I hope you are handy, because most of these are fixer-uppers. If you get a contractor to do the work they will eat up most or all of the profit margin.

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