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Fixed-Up REOs

Sometimes the lender will spend the money necessary to put the REO in tip-top shape. The problem, here, is that when this is done, the lender typically lists the property with a broker and then tries to get top dollar for it. [Read more…]

Buying from the Lender

In most cases the lender is the one who buys the property on the courthouse steps. After all, it has the full value of the mortgage (plus back interest and penalties) to apply to the purchase price. [Read more…]

Buying on the Courthouse Steps

The second opportunity to buy a property in foreclosure is when the court or the trustee sells it to the highest bidder “on the courthouse steps.” (Don’t laugh; many times this is quite literal—the deal is done on the steps.) [Read more…]