Foreclosure in Poughkeepsie>Question Details

Loislane, Home Buyer in Poughkeepsie, NY

I have been fasinated with real estate ownership for many years, and never could afford to make a purchase on my own. However, recently this has all

Asked by Loislane, Poughkeepsie, NY Tue Jul 27, 2010

change and I am seeking to seriously invest the goal is to grown and build wealth. As you know this economy has opened the housing market up to those who are seeking to invest. I have been looking into purchasing REO properties in Poughkeepsie, NY. These cash deals, can you tell me what is the best way to get started.
Thank LoisLane

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There sure are some great deals to be had in this market. REO properties have become great investments over the years but these can sometimes come with an array of problems which could require more money after the sale. Ask yourself if you are prepared for that. Don't limit yourself to REO either, as there are plenty of distressed homeowners who know they need to compete pricewise with REO properties. The best way to start out is to look at a variety of properties. Often first time buyers imagine a great deal on an REO only to start out looking and become discouraged or overwhelmed. In rare cases you might find a REO property needing only minimal work. It's hit or miss. Be sure to consider all of your options and determine first how much work you are prepared to take on and set limits should you find a good deal on an REO. Good luck.
0 votes Thank Flag Link Tue Jul 27, 2010
A REO property would be listed in the Multiple Listing Service like any other listing a good real estate professional will be able to help you find those. REO properties don't always have to be cash deals. It will depend on the condition of the property. If there are outstanding violations against the property then it must be a cash deal otherwise these properties can be financed through a mortgage as well. Good luck with your new venture.
0 votes Thank Flag Link Tue Jul 27, 2010
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