Tips in Buying Bank Owned Property

[Account Closed]

I'm a first time buyer and i need tips about buying bank owned properties..tips?

[Will Barnard]

If you are buying as a homeowner, I suggest you locate a broker/agent who has a large amount of REO properties in the area you would like to own, walk in, introduce yourself, and tell him/her what you are looking for. Repeat process several times. Offer them the ability to sell one of their properties to you and represent you in the transaction as well.

As an investor, you need to do the same, but you should not use the walk-in approach, they don't have time for that. Your first contact will need to be by phone (and NOT email).
You can also buy from the REDC and Hudson Marshall auctions as another resource. I don't recommend the courthouse step approach for any new investor.