Step 7: REOs

When it comes to real estate owned properties or "REOs" you'll be negotiating with the bank. In this case, the bank has been forced to buy the home and is likely to want to offload the property as soon as possible. This gives you the upper hand, but be aware that you are unlikely to get the bank to agree to undertake repairs or settle liabilities that attach to the property. You'll probably have to buy the home "as is". Nevertheless, if it's still a wonderful deal, there's no reason to object - make a reasonable offer and get that property!

The subsequents steps are to repeat the last 7 plus continually learn and educate yourself on all the facets of real estate foreclosure investing such as what is indicated in the resource box below or to obtain books from your local bookstore and the Internet.

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