How do I go about in purchasing a Shortsale or a REO home? What do I need to watch out for... How much down?

Asked by J, Flushing, NY Mon May 4, 2009

I am searching for a single/multiple family home in Briarwood, Kew Garden Hills, Fresh Meadow area. There are a lot of homes listed, some are shortsales and Bank owned, but buying these type of home is tricky. Can I get some pointers?

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Vicky Chrisn…, Agent, Purcellvile, VA
Mon May 4, 2009
The post below will help you understand today's market, but nothing replaces personalized advise through a buyers agent.
1 vote
Randy Pereira, Agent, Helotes, TX
Fri Jun 26, 2009

Everyone has given you good advice.
Here are some extra pointers though...

1. Consider what your reason for purchasing a REO or SS home is? Sometimes better deals can be found by motivated sellers!!
2. Interview a few agents, and find one that you know will look out for your best interest. If their only concern is if you are pre-approved for a loan, be concerned!!
3. How much down... It will mainly depend on your method of financing.

Hope this helps..

0 votes
Josh M. Boggs, Agent, San Antonio, TX
Fri May 8, 2009

I could list about 40 different things you MUST watch out for when working w/ REO and SS property. All of that is covered in our buyer consultation when we meet with our buyers. I'd love to get the opportunity to go much more in depth on those if you have the time.

God Bless,

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0 votes
Dana Schuster, Agent, Slidell, LA
Mon May 4, 2009
It's tricky indeed. I urge you to work with an experienced,local agent who can help you negotiate this.
0 votes
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