Five Tips you should Know Now especially if you are a First Time Home Buyer:
1. The Bank usually sells these homes "As Is." This means you "get what you see and you get what you do not see," make sure you know this going in.
2. Do your homework; the bank usually has no disclosure for these properties. Speak with the neighbors about what they may know.
3. When looking at the property pay close attention to all the work that is needed and write everything down. Get ballpark estimates and then add a little for cushion.
4. Use a Realtor to find out what other homes in the area sold for. To search for these homes in Monmouth and Ocean County NJ, including Millstone, Allentown, Jackson, Freehold and Manalapan be sure to go to http://www.njreo.net
5. Get preapproved for a mortgage so you know how much house you can buy. Learn about 203K loans.
If you find something you like buy it, REO can be a great way a purchasing your first home!