Like all REO properties, you need to really evaluate property carefully, my recommendation is to have your broker complete a market evaluation based upon the property being in excellent condition to determine the real value. Second step is to have a really good contractor or inspector evaluate the property with you before proceeding forward too far. Nowadays, issues like mold and other factors can really effect these properties dramatically especially if they have been closed up for a while. I would rather you proceed with caution as these deals although sometimes attractive have the potential to cost you alot of money if you are not careful. Good Luck!
Aug 22, 2011