REO Buyer's Agent


Foreclosures, Bank Owned, REO (Real Estate Owned) Properties 

Every day of other week someone contacts me via email, phone, or text to ask me, "How do you buy Foreclosures?"  

A Foreclosure resale, bank owned property (also called an REO) can be purchased just like the next home or property listing.  The first step is to obtain a pre-approval or pre-qualification letter from a lender who might happen to be a local bank, mortgage company, or any other type of residential lender.  Once you obtain a pre-approval letter you are ready to make an offer and negotiate a contract for terms you are comfortable with on your new "bank owned" dream home.  The pre-approval process is really painless now-a-days, can be done online for the most part, and your actual involvement might be 15 minutes of input on an online site for mortgage pre-approval.   

Don't forget however that your financial information needs to be as accurate as possible.  If you are unsure of your taxable income, for example, then call the lender and discuss this with them over the phone.  It is best to identify any questions upfront before you take the time, energy, and emotional effort of pursuing that perfect home! Some sellers will offer you owner financing at preferred rates and terms from their financing departments, but from my experience most of the time buyers line up their own financing.  

Some foreclosures will need substantial improvements and/or renovations to qualify for traditional financing.  Make sure you pay attention to what kind of "financing options" the seller says they will accept.  For example, if the house does not have a CO (certificate of occupancy) then FHA might not be an option because FHA will not guarantee any loans on homes that are not able to be occupied due to a lack of or incomplete construction.  Now this doesn't mean you don't have options.  Check out FHA 203-k streamline loans below;


You must have a pre-qualification or pre-approval letter or proof of funds (for cash buyers) to make an offer for purchasing a foreclosure or bank owned property. Most sellers will not negotiate without it. 

A foreclosure bank owned resale many times willsell in less than 100 days as they are generally priced below market and appraised value.  Now-a-days it is not unlikely to find multiple offers so be prepared if you make a “low ball” offer.  Also, extremely low offers might not ever be considered. You may lose the property to another buyer without having a chance for a counter-offer. As I say, generally speaking foreclosures are generally priced right.  

Contingencies, Earnest Money, and Disclosure 

Sellers of Foreclosure will not negotiate offers for purchase and sale if the buyer's offer includes a sale contingency on an existing home or if their offer depends on the sale of other real estate. 


Earnest money of 1-2% of the purchase or offer price, at a $1,000 minimum, is a typical amount that most Sellers will require to bind a property under contract. Earnest money  shows good faith on the part of the buyer and is credited toward the purchase price at closing. Foreclosures are As-Is purchases.  The seller has never occupied the foreclosed property and will not therefore provide a seller’s disclosure.  Typically there are addendums attached to a contract that explains these elements and other terms of the contract once all terms are agreed to between parties. As a Buyer you do have the right to a home inspection, but the seller is under no obligation to make any repairs or fixes to the property. Generally speaking, foreclosures are sold As-Is. You purchase the property and put your own sweat equity into it, and you can many times save a great deal of money as compared to buying a non-distressed property.  



Georgia Homes For Sale, An REO Buyer’s Agent



I work hard to maintain a reputation for being very professional and easy to work with while building relationships with my Buyer Clients. I personally don’t compete for bank owned listings as a broker which frees me up to represent only Buyers in their pursuit of the perfect bank owned property.  Contact mefor help in this important step to home ownership regarding bank owned foreclosures today!  With experience in Residential, Land, Foreclosure, and Short Sale Real Estate both in sales and leasing, I can help you with your real estate needs. Whether you are buying or selling our marketing strategies and resources at Prudential Georgia Realty will help you make your next purchase or sale an easy one!

Added resources in helping you find that right property; 


My website is loaded with tools from Google Map links and street views to Microsoft aerial views and listing histories.  The Google Map above shows all foreclosures, pre-foreclosures, auctions, notices of foreclosure, and bank owned resales from RealtyTrac.  RealtyTrac data normally costs you a month to month contract to obtain. Right hereyou can gain this resource off my site FREE of charge and there are no strings attached!  No one is going to require you to "register" to see all the good stuff!   

This shows more than the traditional MLS because many of these properties are not listed for resale as of yet.  This is beyond MLS!  Contact me if you would like more data on any of these properties all the way down to how much the foreclosure notice was for to know what bad debt a given lender seller is holding on a given property to know how you might structure your offer. 


Looking for MLS data on actively listed properties?  Click on the map above to take you to every Georgia MLS and FMLS data feed for each and every listing available in your area. Once there click on Advanced Criteria to select foreclosures and hit search (below). 

If you have any questions on how to define foreclosure, bank owned, REOs, or short sales please contact meand I will be happy to assist!