real estate

7 steps to a great foreclosure buy

Work with the listing agent
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With REO properties, go directly to the listing agent, who has the relationship with the bank asset manager, who approves or denies the sale. Or, find a real estate professional who works extensively in the foreclosure arena who will have more experience in bank-owned properties.

The bottom line: When it comes to buying a foreclosure, homebuyers need to throw emotion out the window and think like an investor.

"If you can purchase homes needing rehab work at significantly lower prices (than those homes that don't need work), complete the work yourself and build instant equity, then you're ahead of the game," says Adams.




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