Upcoming Foreclosures

Regarding an REO foreclosure, websites usually list a REO "sale price", is this the price to own the house?

For example, if you consult any foreclosure website looking for REO properties, they usually mention that the sale price is for example $20,000. So does this $20,000 represent the final price that i should pay to the bank to own the house? or is the $20,000 a part of a bigger sum that I have to pay to the bank??? I am a bit confused on this, thank you for your help.

Public Comments

1. All foreclosure information is drawn from county websites. Keep in mind many homes have more than one mortgage, and they are listed separately. So what you might see for $20,000 may very well have another mortgage on it somewhere. I can honestly tell you two things, this information can be obtained from your local county assessors office FOR FREE, plus you would be wise to use a Realtor to help you thru the process of purchasing a foreclosure, because it is not a simple transaction and their experience and guidance is also FREE! P.S. Please don't be foolish and give any website money for this information.
2. One good thing you have on you side is information. REO is the last step in foreclosure. Real Estate Owned homes are the best deal on the market. This is after the bank has tried to work with the Morgagee and after the auction or attempt to sell. The $20,000 example should be the sale price. You will have to pay closing fees but that shouldnt exceed a couple hunge. Talk to a Realtor. Someone has that house listed. They will get you more info that we could over the internet.