Bank-Owned or REO transactions. While you can truly get a great deal on these properties, it is not without risk. I am not saying that other real estate transactions are NOT without some risk; I AM saying that with these kinds of properties you can be walking around in the dark or in only a barely-lit room. The banks are also slower to respond as well, and more patience is required. But if you do your due diligence and can exercise patience, you can minimize your risks. The rewards are that you can usually get a property below current market value.
“Don’t be afraid to go out on a limb; that’s where the fruit is.” – H. Jackson Browne
