| If you are looking for an investment on a REO | | | | $1000.00. |
| property take your time, do your homework and | | | | Zion Bank Corporation offers all type of loans but |
| you could save money and get a good property. | | | | they also have a bank REO department. This bank |
| Bank REO departments work with you and your | | | | has been in business since 1873 and is a member of |
| agent if you have one, to sell you a house that is in | | | | S & P 500. It is only one of the many that does REO |
| foreclosure. These are special deals and you must | | | | work. Searching the web is a good way to find and |
| know a little about construction or take your own | | | | acquire knowledge into the bank owned REO |
| inspector with you. Preferably one you do not have | | | | properties. Once a foreclosed property is in REO the |
| to pay. They will not reimburse you for this | | | | title is usually clean and you do not have to pay a |
| inspection and you will not be able to get an | | | | fee to access this information. They actually give you |
| inspection after you sign the contract to buy. | | | | many tips for making offers on Freddie Mac REO |
| All REO property is sold "as-is" and normally you will | | | | properties. |
| not be able to get an inspection contingency where a | | | | One of the main tips if you are thinking of making as |
| buyer can back out. Some times however, a loan | | | | offer on a foreclosure is to get a home depot |
| officer of the bank will qualify you for more to | | | | inspector. They don't charge and they will look at the |
| include the renovations needed. You should probably | | | | home before you make an offer. You can not get an |
| have your own lawyer advising you during the | | | | inspection on a bank REO department house after |
| contract period. Your agent should meet with a | | | | you have made an offer. Always have an agent |
| contractor so you will know realistically what the cost | | | | meet with a contractor so you will know what the |
| of rehab will cost. Then you can decide how much to | | | | cost of repairs that need to be done are so you will |
| offer for the property. They usually ask for 10% | | | | have a real investment property. You can really get |
| down in earnest money but try to stay around | | | | stuck if you don't have all the facts. |