How to Buy a Foreclosure or REO Bank Owned House

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Almost everyone at some point considers buying a foreclosure or bank owned property(REO). I want to provide some clarity and some pro's and con's to consider if you are thinking of purchasing a foreclosure. I also go over the different phases of foreclosure and the process.

If you have real estate questions leave them in the comments or reach out to us directly and we would love to help!

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www.FaganCarnationRE.com

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@Ryan_Fagan_Realestate
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(267) 800-4002

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Berkshire Hathaway Home Services Fox & Roach Mount Laurel
1025 Briggs Road, Suite 148
Mount Laurel, NJ 0805
Cell (267) 800-4002
Office (856) 222-0077

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First thing to do is check with lender and make sure he makes loans out for under 40k just found out mine didn’t ruins the whole process.so in order to purchase something under 40k just use a line of credit . Basically not trying to lose a home and pay off within 10-15 years .

mplscarsales

Good information and appreciate everything. I have to find another way to purchase a distress property. I live in New York myself with it being a attorney state over real estate. I was looking over properties in Jersey City and came across a vacant foreclosure property and seeing your video today I have to change my mind on that piece of property.

brathwaiteenterisellc

Thank you! I am just starting out and your explanation was quick and to the point.

bstrongnfit

curiosity (foreclosure auction courthouse step
) first mortgage holder receives all the money from the auction. If the auction doesn't bring enough money to pay off the first mortgage, the second mortgage doesn't receive any payment and the loan is wiped clean from title?

gina

Thank you so much for all of the helpful information in this videos! I am sharing this with a good friend who is looking to buy a home in South Jersey. I am interested in moving there as well.

nyneegardner

Very informative video! In regards to the listed price, how can you determine what your offer should be?

fashionbliss

How to do a Lien search on REO's, please.

barbaravalentino

1:00 on June 10th, 2024. How can I find a foreclosed specialized agent to help me purchase a foreclosed home? Thank you, Ann sugg

annsugg

I'm a new investor, I did one flip and did well (from the Sheriff sale) Someone offered me an REO for 285K (ARV 450K) and he bough it from the bank for 150K . How can I get the connections to buy for 150k myself next time? How do I buy from the bank directly . By the way my wife just got her realtor license in NJ, that should help
thanks
great video

luisblejer

What does it mean when auction.com says "conventional financing is not accepted for this property." Looking specifically in NJ. Thanks

yuvarajdhir

Hi new subscriber here..I am looking to buy a foreclosure with cash. Do you recommend I take a class to learn more about it? Can you offer any assistance for someone in Connecticut.

latishab

Great video! Do you have information regarding purchasing an REO (specifically) with an FHA 203k loan? I'm looking to begin my investment journey in real estate and would love to purchase a mulitfamily home so I can renovate and live in. Also, do you have any advice on how to find the listing of REO properties before they reach websites like Realtor.com and Zillow? I have researched and heard that before they end up there, they have been sifted through investors (since banks have relationships with them and know they will do quick and cash offers) and all the good deals are most likely gone before they hit the market. I'm trying to find ways a beginner to score a good deal, but it seems difficult if you're not seasoned.

asiansunshine

Hi Ryan, I’m a new real estate agent and my client is interested in an REO but the LA stated cash only and the utilities have been shut off and the bank will not reactivate them. How can I make the bank reconnect them and when should they do it? Also are my clients responsible for any unpaid or outstanding balances? Thanks.

rosamoreno

Don’t forget water electric gas meters get pulled in most foreclosed homes

mplscarsales

Great Video man. If you buy at a sheriff auction for cash, how much of a deal can you get. Do properties go 50 percent of retail value? or something like 10 percent off?

azmysouweha