Top 9 Buying Tips of REO Properties

Buying tips of REO properties needs immediate attention if you opt for buying such a property. REO properties actually mean that Real Estate Owned properties or REO properties that have been confiscated by the lender through an obvious result of the foreclosure. If you are willing to buy such a property you have to brood over the matter that the competition on an REO that is well priced is absolutely keen. You have to vie with the experienced investors all the time and win the bid. In this post, I try my best to put forward before you some tips that may be of great use when you opt for buying such an REO property.

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9 Essential REO Property Buying Tips

#Tip 1

First of all, you have no other way than to establish the down payment, the maximum mortgage amount, and the price of your purchase.

#Tip 2

Make yourself acquainted with the bank so that you may take the steps immediately as soon as it comes forward.

#Tip 3

Try to maintain a clear image before the bank is going to sell the property. If necessary your credit scores should be inspected to make you qualified as a buyer.

#Tip 4

If you think that REO properties are damn cheap you are mistaken. The price varies 10-15% below the rate of other properties. Banks are well aware of the market price. Hence if you take the wrong decision to put forward a lower bid you may be baffled.

#Tip 5

The experienced and the worthy competition may be on the offing the moment the property is priced accordingly in the very first place.

#Tip 6

Banks always take immediate decision to sell the REO properties as quickly as possible. If you dilly dally in getting the opportunity you will make a blunder.

#Tip 7

The REO properties are generally sold in the process “As is, Where is”. So you have to inspect the property. Bank will not invite you to inspect the house. You have to take the initiative yourself and assess what amount may be invested to renovate the old house. You may take the help of your friends and dear ones in this regard. A proper assessment is required.

#Tip 8

Never be swayed by emotion. You have to take into account the ability to purchase the property. Again the condition of the property also matters. If it is in a dilapidated state and the bank claims exorbitant price you have no other way than to skid backward.

#Tip 9

If you are a mere novice in this sector you may seek the help of an experienced realtor but before contacting him be frank in your dealings with him. Make him know of your financial status beforehand.

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Free Tips to Sell Your House Fast

There are many ways to improve the chances of Sell My Chattanooga House Fast. And while the easiest way is to just lower the price, many people are not willing or able to do that. If you are one of those people, check out these 6 low or no-cost ways to sell your home fast for the most cash.

Keep it Clean

I put this one first because it is both the most important and least expensive. Your home needs to be kept so clean that you wouldn’t have a problem eating off every surface. I know this one is a huge pain to maintain, but it’s so important that I guarantee you will not sell your house as fast if you don’t keep it perfectly clean.

Make it smell good

This goes along with the last tip as a clean house will definitely smell better, but if you have lingering odors, then cleaning may not be enough. If when you’re away from home for a while and you smell anything bad when you return, then everyone viewing your house will think it smells ten times worse than you do. Consider hiring a carpet cleaning company and paying extra for the odor removal option. You can also rent a room odor eliminator that cleans up the ozone. I’ve even heard these machines have removed cat urine smell after all the carpet was replaced. If all else fails or you just want to add that homey touch, bake some cookies or bread before every show. Not only does your house smell better, but you can put out some cookies to further please their senses.

Getting rid of junk

I know you love all your stuff. If you didn’t, why would you have so much of it? Problem is, no one viewing your house wants to see any of it and it makes your house look messy and small. If you can’t part with your old high school trophies for good, at least get a friend to store them for you or rent a storage unit for a few months until you move them to your new house.


Along with getting rid of clutter, you want to take down every picture that nobody else would want in their house. I know you think your five-year-olds’ picture of Santa Claus is adorable, but no one else would hang it on their fridge. That goes double for the 12 X 15 of Aunt Betty hanging in the hallway.

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Clear out your closets

This is not trying to be sexist in any way, but most women love big closets. What’s the best way to make your closets look bigger? Take out at least half of the clothes. Ideally, you want to have 2 inches between each hanger and plenty of space left open on the floor. Just pick out the clothes you know you’ll need and put the rest into storage.


I’m sure you’ve heard “You never get a second chance to make a first impression.” Well, that holds true for when you want to sell your house fast. When people pull up to your house, you want them to want to come inside. I’ve literally pulled up to view a house before and told the Realtor to just keep driving. Just looking at how they didn’t maintain the outside told me it wasn’t even worth going inside. You don’t have to spend too much money to do this. Just make sure everything is cut, weeded, and manicured perfectly, and maybe spend a few dollars on mulch and flowers.

Do it all to Sell Your House Fast

You should be able to do all of the above for less than $300, with the potential to increase the value of your home by thousands. Yes, it will take a lot of work, but considering the financial gain and the increased likelihood of selling your house fast, isn’t it worth the effort.