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The Secrets Of Buying Foreclosed Properties [Forbes]

Federal National Mortgage Association (FNMA) 
Company Research Source: Forbes
The Secrets Of Buying Foreclosed Properties Getty There are a lot of misconceptions out there about what it takes to get a great investment property at the best possible price. In my experience, foreclosed properties have always offered the most house for the money. These purchases, however, are more complicated than buying a house from a private seller, and often not for the faint of heart. Read on for the secrets you need to know to complete a bank-owned property transaction. Sheriff Sales Are Hit Or Miss At Best Buying foreclosed properties at a foreclosure auction, or sheriff sale as they are commonly known, is a hit or miss prospect. In my observation, more often than not, the foreclosing bank will bid the price up and buy it itself to eventually place on the market as an REO property. (REO stands for "real estate owned" and is a term used by banks to refer to housing stock they have in their inventory.) The other disadvantage of sheriff sales is that you cannot view the property Show less Read more
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