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.
Make sure to have a complete title search pertaining to the home. There are some property titles that have tax liens and this tax can be passed on 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 some great deals and InvestorCompsOnline.com to determine the current market value of the deal you are considering to buy as well as those of comparable homes in the area. You can save time and money if you do some research before you bid on the properties in question.
So what should you look for to accurately analyze the data for your deals? Compare properties using these primary three items: year built, room count, and square footage. When reviewing the prior sales information, compare your property to houses with those similarities. This will give you the best assessment of what similar houses have been selling for as is and after repair value.
Real estate investing is not only about selling a property and making a profit. It will also require research in order to determine its value and to fairly price the property. By using InvestorCompsOnline.com, you will be able to know how to price it for buying or selling.