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Buying a Foreclosure (REO) Property
The current San Diego listing inventory is composed of short sales, foreclosures, and traditional equity sales. Foreclosure, also known as REO listings are properties own by lenders or banks and often managed by a third party asset management company.
When buying a foreclosure, one should have patience and expect uncertainties and delays when dealing with lenders. Working with a Real Estate professional that has experience with foreclosure will make things easier.
Tips when Buying REO Foreclosures
- You will be competing with many other offers. When submitting an offer expect to have up to 5 competing offers, and expect to receive multiple counter offers.
- Do not ask for concessions if you don’t have to. Many buyers think that because they are buying a foreclosure they will be buying at a bargain price, the reality is that lenders know the market very well, and they will get as much as they can possibly can.