Buying Foreclosed Property

Daren Blomquist said in th Business Insider that one must be attentive to three areas if one is planning to purchase a foreclosed property:
1. Beginners should focus on the REO’s (real estate owned) by the banks and avoid short sales which require lengthy negotiations or foreclosure auctions that require all cash payments.
2. Get a home inspection of any “as is” property with a list of repairs which can be used to negotiate a lower price.
3. Don’t expect appreciation immediately.

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