REO properties are one of the hottest ways to invest in real estate right now. Banks do not need to, nor do they want to; hold onto these properties for any longer than they have to. This is why, REO properties can be had for nearly any reasonable offer. Of course, there are many things to consider about these properties.
You should complete a thorough inspection of the property which should include the major structures of the home. The roof, sub flooring, basement, plumbing and wiring will need to be inspected.
Be certain to get a detailed title search pertaining to the property. There are several property titles that have tax liens and this tax can be passed along to the new buyer of the property.
Most importantly though you have to know what the home should be bought for and what it is valued after repair.
Use REOGoldMiner.com to find the REO deals and InvestorCompsOnline.com to analyze the current market value of the house you want to purchase as well as those of similar properties in the area. You will save time and money if you conduct a little research before you make bids on the properties in question.
So what do you look at to accurately review the data for your potential projects? Compare houses using these top three items: year built, room count, and square footage. When looking at the previous sales provided, compare your property to sales with those similarities. This will give you the most accurate view of what similar properties have been selling for REO and after renovation.
Investing in real estate is not only about selling a property and making money from it. It often requires some research in order to evaluate its value and to best price the property. By using REOGoldMiner.com and InvestorCompsOnline.com, you will have access to the best REO deals and be able to learn how to set the price for it to buy or sell.