How Do You Buy Fixer Upper And Handyman Special Foreclosures?
• Know the difference. First off, how do you know the difference between a handyman special/fixer-upper and foreclosure properties that aren’t in need of repairs? You should always contact the seller named on listings of foreclosures to make sure the listing is still current. The next section goes into how to assess the property. For now, let’s list foreclosed sales where fixer-uppers are common: • Government Foreclosures (GOV): Listings of foreclosures homes through The Department of Housing and Urban Development (HUD) will often label properties that are fixer-uppers. Finding foreclosed homes through GOV sources such as HUD can provide relatively minimal effort on your part as the potential buyer. • Real Estate Owned Foreclosures (REO): REOs are usually homes that have already been through the foreclosure auction process that failed to sell and fell into the lender’s ownership. Like HUD and other government agencies, lenders are not in the business of selling real estate and want to