How to Buy

How to Buy

Purchasing a home directly from a bank or REO Investment Group may in some cases be different that through a real estate agency. In most cases there is not financing offered for these properties and you will need to have cash or a immediate credit line with your bank to purchase the homes.

1. View the properties listed on the REO Direct Buys. Due to the large number of properties that are listed, we suggest that you search by state, and then scroll down the list to view all the different listings. When you find one that you are interested in contact us by clicking on the “Request More Information” link on the listing page. Even if you are already registered with REO Direct Buys, please be sure to include your full name, email address and contact phone number with your request.

2. Upon receiving your request, we will supply you with the full address of the property and any additional information we may have available from our notes on the listing. We will also supply you with any additional information we may have about the property.

3. If after receiving this information you would like to go out and inspect the property yourself, please let us know and we will arrange for you to get access to it yourself.

4. Go out and inspect the property. The banks and investment groups that own these properties in most cases have not even been inside of them. These homes are prior foreclosures and will be in different conditions. Some homes may be move in ready, others may require a little or a lot of work. Be sure this is something that you can do before you buy. The homes are sold “as is” and with no guarantees as to the condition.

5. If after inspection of the home you want to purchase it or make an offer. Please contact us with your offer. Don’t be afraid to make an offer, if we cannot accept it chances are we'll give you a counter offer.

6. After agreeing on a price, we will require a deposit to hold the propert and notify you as to where to wire transfer the deposit to. After receiving the contract please sign the contract and either fax it back or scan it and email it back to us as soon as possible. Remember this property will remain on the market until we receive your signed contract and deposit back.

7. In purchasing a previous foreclosure, there may be property taxes or other liens due on the property. A title search can be performed on the property. You can use your own title company or request one from the seller at your costs. Usually they can order one for you and the costs will vary depending upon the title company. In purchasing a property that has a home owners association (HOA) there may also be back HOA fees due. This is very common with condos and some newer developments. In many cases the bank or investment group that owns the property may of already done a recent title search and can provide you with those results at no costs.

8. The final closing of the property may take place in one or two ways.

a. Some banks and investment groups that own these properties have their own in-house department to handle the closings. They do not offer the option to use a local title company to handle the transaction. TWith REO properties they will either provide you with a quit claim deed or special warranty deed at closing. The entire transaction will be completed in a matter of days thru overnight mail.

b. In some cases with the banks or investments groups you will give you the option to either use their in-house department to handle the closing, or you may choose to close with a local title company in your area. If you choose to close with a local title company you will be responsible for all closing costs.

9. Title Insurance - If you purchased a title commitment, at your option, you may purchase a title insurance policy from the company that provided the commitment. Ask the seller for more details.