I wanted to learn a little more about investing in bank owned properties in GA. I am assuming these would be properties that did not auction or were bought by another financial institution. What would the process be like for submitting an offer on these properties? Most of the properties I am finding are on prop stream.
If a property goes into foreclosure, doesn't sell on the court house steps, then it becomes REO. Meaning the lender uses their bid credit and takes title of the the property. REO standing for Real Estate Owner(by the lender) It is pretty difficult to buy these properties directly as an investor, as the lender wants to sell this property for as much as possible. Most of the time they end up with an asset manager who then works with an REO agent to list the property on the market and sell it through traditional channels.