Hello friends & followers this is Mike Bustamante today our topic is Foreclosed properties. Before we get started remember you can follow me on the socials either @mikebelives Lately I have been getting a lot of inquiries about foreclosed homes so I wanted to talk a little about them. A Foreclosed home or REO home which is what we call them it stands for Real Estate Owned. It is a home that has been taken back by the Bank or Lender because of non payment. There are still foreclosures out there just not as much as there use to be.
A few things about REOs. First is that they are not all in the best shape which can be good to be able to buy one cheap. I get calls all the time from people who want to get a loan and buy a REO and take the time fixing it up. If a REO is in bad enough shape you will not get a loan on it. It will be cash only. Some of these REOs are being fixed up by the Banks that own them before going on the market these homes will be sold for about the same price as a previously owned home. Some of theses REOs that are in bad shape and are Cash Only because they may need a lot of work. If you are looking to buy a really distressed property do some research and have a good idea of inspections you want to do and the cost of fixing up one of these homes. If you are looking to re-sale this Property after fixing it up then knowing your costs to fix a property is very important.
So the first thing you need to do is get your cash together or get pre-approved so you know which REOs you will be able to purchase. Start learning about products and costs of fixing up a home. The good deals go very fast with in a matter of days. If you are one of those people who say you will do all this after you find the REO that you want it will be gone before you can get started.
If you have any questions give me a call at 5596962573 I am here to answer questions, show you property, write up the offers and guide you through the presses all the way to handing you the keys. Until next time this is Mike Bustamante that is spelled B U S T A M A N T E. You can follow me on the socials either @mikebelives
Good day.
You might like a few of my other videos
Seller Concession
Curb Appeal Before and After
How to Invest in a Second Home with Little Down
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#mikebelieves
Mike Bustamante
BRE # 01809226
Keller Williams Fresno
BRE # 01864461
Each Keller Williams Office is Independently Owned and Operated
740 W Alluvial Ste 102
Fresno, CA 93711
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