Although the number of Foreclosure REO properties is declining, they are still out there. These properties appeal to many buyers as they tend to sell below current market value; however competition for these properties is high. To combat this, many banks have instituted policies allowing only potential owner- occupants to make offers within the first 3 days to 2 weeks of the home being listed. Due to the prevalence of buyers utilizing financing when purchasing a home, many banks will complete major repairs that would not pass inspection. They may also do certain updates; new rugs, fresh paint, new light fixtures or professional landscaping to add curb appeal. Some homes simply require too much repair. These foreclosure REO homes are typically purchased by investors who then rehab them and either re-sell them or use them as rentals. This is wonderful for the revitalization of neighborhoods and for property values in the area. Many banks also provide qualified buyers with funds towards closing costs, home warranties and even low cost down payment plans. These programs are instrumental in helping buyers who may otherwise have difficulty purchasing a home, making the dream of home ownership possible for all. Foreclosure REO homes can be both a great buy and a great opportunity, use our dedicated Foreclosure REO tab to find these homes.