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The Tricks and Traps of Buying bank owned REO properties - Part 2
This is the second part of this series.  Here is the link to Part 1 of the article. My goal with this series is to hopefully educate a few buyers and investors on the foreclosure and REO process.
Once the foreclosure has been concluded, the bank hires a real estate agent to list the property for sale.  The first step in doing this is to find out if the property is still occupied.  If someone is still living in the property, the real estate agent is instructed to offer the occupant "cash for keys," typically from $500 to $3000 (depending on the property value) for the person to move out within 15-30 days and leave the property in good condition.  If the occupant does not move, then the bank will have their attorney evict them.  Once the property is vacant, then the property preservation process begins. Broken windows and doors get boarded or repaired, dangerous conditions get addressed, in northern areas of the country the property gets "winterized" to protect from freezing temperatures, sometimes basic repairs are made to put the property into financeable condition, and lawn service and sometimes pool service is ordered.  I have even seen some lenders thoroughly ... more

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