subject: Quick Tips On Rehabbing Bank Owned Homes [print this page] Rehabbing bank owned homes has become the latest craze in the real estate investing world. With thousands of repossessed properties scattered across the nation today, rehabbing bank owned homes could be the spark that will bring your real estate investing business to a whole new level. So why lender owned houses? Also known as real estate owned properties, or REOs, bank owned houses are ideal for rehabbing mainly because of three things: they are cheap, usually vacant, and they come with clean titles. Burdened by a huge number of repossessed homes, most lenders today are willing to sell these houses for pennies on the dollar just to get rid of them. These financial institutions are also required to evict tenants of repossessed homes, which means that investors can immediately start rehabbing bank owned homes once they purchase the property. REOs also have clean titles, making them more appealing to prospective buyers, thus raising your chances of selling the house fast after you renovated it. If you want to enter the lucrative world of rehabbing bank owned homes, these simple tips should help you get started: Go house shopping. As mentioned earlier, there are hundreds of thousands of repossessed homes in the US today, so chances are there are also dozens of real estate owned properties in your area. Dont fall in love with the first REO that you find. Look for a bank owned home that needs only minor renovations. This way, you can minimize your repair costs and lessen the time it takes to renovate the property. Dont ask for repairs. Since youre rehabbing the property anyway, never request the lender to pay for the repairs in your initial offer. Most banks sell REO properties AS IS and requesting them to cover the repair costs is like an invitation for them to reject your offer. Target lenders that have lots of bank owned houses. One great way to boost your chances of getting an REO is to look for banks that have lots of distressed properties. Simple logic would tell you that a lender with over 100 repossessed homes is more willing to sell a real estate owned home for a bargain price than a bank with only ten REOs. With the sheer number of real estate owned properties in the market today, rehabbing bank owned homes is definitely one of the quickest ways to make it big in the real estate investing business. Get proper education on how to effectively rehab REOs by visiting www.REIWired.com today.
