Looking for REO Listings? Read this First

So, you're looking for REO listings. Well, before you even think about getting into REO, you'll probably want to read this article first. I promise you that it will save you a lot of wasted time and effort in your process of looking for just the right listings that will actually bring you some decent results. Keep reading to find out more.

I realize that there is probably no reason to go over what REO properties are, but just in case you're REALLY new to this, an REO property is one that has been purchased either by a bank or mortgage company through an auction. These are properties that have been foreclosed on and now can be purchased for, what most people would call, a song. And out there are listings of these properties. The question is, where do you find these listings and how do you know if they're any good?

Let's start with where you can find REO listings. Thanks to the Internet, REO listings can be found at any bank or mortgage company that has a site online. And let me tell you, there are thousands of these sites online including Wachovia, which is one of the biggest. However, all these sites don't make it any easier. In fact, it makes things harder. With so many choices, how do you know what properties are any good, or for that matter, which ones are the ones YOU'RE looking for?

In this case, the key thing you need to do is look for specialized listings, either one family homes, two family homes, commercial properties or whatever. This will greatly narrow down your search to the properties that you're specifically interested in.

Most sites will have their listings sorted by state and city. Just point and click and you can find the specific location that you're interested in. This makes finding a property a lot easier.