Home buyers who are interested in getting the most for their money should look into Real Estate Owned (REO) properties. These properties are owned by the bank after being offered at a foreclosure auction. As most properties are not bid on during foreclosure auctions, a large number of properties revert back to the mortgage company that held the original loan.
Buyers who are interested in buying Albuquerque NM REO homes should understand the risks of doing so. The property could be overpriced if you are forced into a bidding war with another interested buyer. In some cases, there may be liens that have to be paid before you can take full ownership of the property.
Fortunately, you are allowed to view the property before making an offer on a REO property. This is one advantage of waiting until after the foreclosure auction to buy a property. If you were to buy Albuquerque NM foreclosure homes, you would be forced to buy it is as-is. This means that you could be buying a property that is missing appliances, is riddled with termite damage or even has people still living in the property.