REO Properties, 5 Tips you should Know if You are a First Time Home Buyer

REO properties stand for Real Estate Owned. These properties have gone through the foreclsoure process and the Bank now owns the Property.

REO Properties, 5 Tips you should Know if you are a First Time Home Buyer

1. The Bank usually sells these homes "As Is" This means you get what you see and you get what you do not see" Make sure you go in knowing this.

2. Do your homework, The bank usually has no disclosure for these properties. Speak with the neighbors about what they may know.

3. When looking at the property pay close attention to all the work that is needed and write everything down. Get ballpark estimates and then add a little for cushion.

4. Use a Realtor to find out what other homes in the area sold for.

5. Get preapproved for a mortgage so you know how much house you can buy.


If you find something you like buy it, REO's can be a great way of purchasing your first home. I market REO properties in NJ. For additional information or questions and email me at bdambrosia@gmail.com