Anyone ever buy a REO?

[midnight armadillo]

That would be a Real Estate Owned property, one that has been foreclosed on by the bank but not sold at auction.

I'm wondering about people's experiences with this, it seems like a decent way to get a discount...

[kwassa]

1. I thought you meant the Speedwagon

either this



or this

[AllegroRondo]

2. I think I saw the second one on Ebay

but no one would pay the minimum bid of $5

[flvegan]

3. Be sure you get/do a GOOD title search!

Many law firms don't handle claims/clouds properly and simply do the task of revesting the property in the Noteholder's name.

In most states, there's no mandatory disclosure, as the lender never resided at the property, so you'll also want a good inspection.

Good luck!