real estate

7 steps to a great foreclosure buy

Look for diamonds in the rough
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Many times listing agents -- who often get 20 or more properties from the bank to list at one time -- simply don't have the time or manpower to include every detail about every house in their online marketing.

"An REO (real estate-owned) broker may run out to the house, take a look around the inside and snap a few photos of the outside, but they may not mention in the online listing that the home has a beautiful backyard and upgraded landscaping," says O'Toole. It pays to do more than simply check out the property online. If the property meets your criteria for size, number of bedrooms and neighborhood, go see it in person. And, says Adams, "Always have a licensed home inspector check out the home."




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