Most banks have staff dedicated to REO that you'll work with while buying REO property from them. Normally the REO department will use a listing agent to get their REO properties listed on the local MLS. Prior to making your offer, you'll want to contact either the your agent or REO department at the bank and discover as much as you can about what they know about the condition of the property and what their process is for getting offers. Since banks usually sell REO properties "as is", it's often prudent to include an inspection contingency in your offer that gives you time to check for unknown damage and terminate the offer if you find it. If, as a buyer, you can provide documentation showing your ability to secure financing, such as a pre-approval letter from a lender, your offer will be more attractive and likely be accepted. (This goes for any real estate offer.) After you've submitted your offer, you can expect the bank to make a counter offer. From there it will be your decision whether to accept their counter, or submit another counter offer. Your deal might be final in a single day, but that's rare. Since offers and counter offers usually give the other party a day or longer to respond (and employees at a bank don't work nights or weekends) you could be looking at a week or longer.
I hope this information has been insightful and realize that every real estate transaction is different, unique so working through the process I would have to say having a professional Real Estate agent who has expierence in these types of transactions is crucial to it's success. We have closed multiple foreclosures this year in Hunterdon County and working through short sales in Somerset County. If interested in purchasing one of these properties or to search for them please use are free search engine strickly for forclosures although we think you will find our home search and organizer very useful providing greater detail and allowing you to save searches and set up for automatic new listings that match your criteria as new properties come to market as often as you like free with no obligation. This site and it's tools are here to guide and help you make the right move.
Currently, there are some unbelievable opportunities for new home owners and we are very exciting moving forward into 2012 and we are here to serve your realty needs.
Merry Christmas and Best Wishes in the New Year.
We hope to hear from you soon. Visit us on the web at
Golden Home Realty LLC.. Eric Lange Broker Owner REOS Specialist
Office 908-393-9111 Fax 1-888-391-2480