Q: Are these homes new on the market or old inventory?
A: Both, sometimes the homes that have not sold by REO brokers are used for the bulk purchase, sometimes you get fresh inventory.

Q: Are these properties listed on the MLS?
A: Some are listed and some are not, it depends where the process is for the lender and the property.

Q: Will the banks repair the properties before I buy them?
A: No, the properties are sold (as-is) where-is. You are buying the properties at a discount; the banks just want them off their books. You need to do your due diligence on each property if you choose. If time permits, hire an inspector or general contactor to give repair bids. Most properties need some type of work, just expect it and you will not be disappointed.

Q: How do I know if it is a good price for the homes?
A: Do you own homework, the bank might give you their (BPO) broker price opinion, but you must understand that is just an opinion of an agent trying to get a listing, you must do your own valuations. Since the market is changing fast today, fresh numbers are best.

Q: What does REO mean?
A: Real Estate Owned, it is the term that banks use to identify their foreclosure properties.