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Buying REO Homes? Here’s What to Do — And What Not to Do — According to Experts

HomeLight

Go to your county’s office and ask for the pre-foreclosure list ,” he says. Ervin puts it similarly: “The best way to get a good deal on a banked-owned house is to do your due diligence and over-budget your rehab cost… because you never know what you’ll run into.”. Will buying an REO home be a good investment?

Banks 105
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131 Real Estate Terms & Definitions Your Clients Expect You to Know in 2023

The Close

Due diligence period. What if your clients are asking about their due diligence period? This can lead to a short sale, foreclosure auction, and/or the lender taking possession of the property. Jumbo loans generally require stricter qualifications, higher credit scores, and higher income and/or cash reserves.