Are you ready to view REO property? It’s important to have the right mindset when shopping for REO property. When you view properties that have been through foreclosure you need to be able to view them with an eye that is trained to distinguish between neglect and damage. 
By the time a property becomes REO it has frequently sat empty for a period of time, sometimes even months. Houses don’t like to be empty and they tend to show signs of neglect fairly quickly. The thing about most neglect issues is that they are easily rectified and often for very little money.
As you go through an REO property you want to ask yourself how easily the damages can be repaired. If you walk into a room with a giant stain on the carpet, it tends to be the thing you focus on, but new carpeting is very easily installed. So as you view properties you want to spend more time looking at the structure and the floor plan, are they to your liking? Remember that REO properties are offered for fair market value minus the cost of necessary repairs. If you see damage note it, but instead of thinking of it as a negative, think of it as money deducted from the asking price. That puts damages in a whole new light!
The advice and tips offered in this blog are intended to be solely informational and do not apply in all circumstances. Make sure that you consult a real estate professional, financial consultant, attorney or accountant before taking any action. For further information or questions please contact Gabriella@IARNY.com
