FORECLOSURES / REO

Buying foreclosures can be a great opportunity when purchasing for an investment or owner occupancy. Banks do not want to own real estate and usually are not familiar with maintaining and managing the properties they acquire. This allows buyers to cash in on deals.

Some banks are highly motivated and are ready to sell at a discount to clear their shoulders of that weight, but it can really depend on how much money a bank has invested into the property. If the bank is deeply upside down in a property, it may take them longer to realize and therefore, more time to lower the price. You should not be discouraged by this because ultimately, the bank does not want to own the property and will have to sell.

Keep in mind: not all foreclosures are created equal. Lots of people have biases that all foreclosures are in horrible shape, dirty and were not well-cared for. This is not always the case because not everyone lives like a pig. Some people lose their property because of divorce, death in the family, job loss and health reasons, so some foreclosed properties will be in nearly perfect condition.

When looking for a foreclosed property, remember the advice given on my investments page and consider your future goals. Does this fit in well?

To see all foreclosed properties in Nebraska, click on the map below.

Foreclosure center
Discover everything about finding, evaluating and buying foreclosure properties including state foreclosure laws, national & local trends and some great informative articles.

Is it safe to buy foreclosures?
MSN Money discusses the safety and legality issues being buying REO homes. Learn what to look for and avoid during this process.

Foreclosure / REO Links

How to buy foreclosures
Here you will find excellent resources and articles all about foreclosures, from current industry debates to advice on buying repossessed properties.