Upcoming Foreclosures

How do I go about buying a Bank Owned house?

The ones that went into foreclosure...do they usually sell for more than what the house forclosed for? Would they sell the house for the foreclosed amount plus closing costs?

Public Comments

1. Have someone in your area do a search on the MLS. If there is a specific area you are interested, get someone who specializes in the area. They should have initimate knowledge of the bank owned properties in the area. The bank dictates the price of the home. It is usually listed by another agent on the MLS. I'm not sure how it is in other area but in California, whatever the price that is listed in the MLS is what the actual sales price of the home. You go through the same process as a regular transaction and you get the title free and clear at the end of escrow. Depending on how the transaction is negotiated, you can ask for a credit to cover your closing costs. Consult a real estate professional.
2. Generally, the REO homes sell for less than the foreclosed cost. Lenders obtain appraisals and broker price opinions to obtain a real market value to base the listing price on.
3. I am presently buying REO's as quickly as I can while the market is hot. They are selling for less then the foreclosure amount. Every one that I presently have in escrow, and the two that recently closed, are all splitting closing costs with me 50-50.