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 When selling or buying a home, you need to think ahead about what you are actually selling along with the property and the house.
The general rule is: "if it attached to the structure or the ground, it is real property and stays with the house".
This confuses many people, especially when selling/buying their first house.
For example, as a renter you may have been used to removing your curtains and taking them with you when you move. Since they are probably "attached" to the wall in some manner, the buyer may assume all window coverings are staying with the house.
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 So you’d like to buy a bank owned property?
Most people hear that buying REO’s is a synch, give them a nice round number and the bank will automatically accept it because they have so many homes that they just need to get rid of… If only it was that simple.
REO vs. Foreclosure
Let us begin with a good foundation: An REO (Real Estate Owned) is a property that goes back to the mortgage company after an unsuccessful foreclosure auction. You see, most foreclosure auctions do not even result in bids. After all, if there was enough equity in the property to satisfy the loan, the owner would have probably sold the property and paid off the bank. That is why the property ends up at a foreclosure or trustee sale.
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Before you can actually pick out a house, you need to choose what cities or communities you would like to live in. There are many factors you should pay attention to, not only for yourself, but because you intend to eventually sell the home to someone else. Carefully choosing your community is the first step in "location, location, location". You can help maximize your future potential resale value.
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 When you prepare an offer to purchase a home, you already know the seller’s asking price. But what price are you going to offer and how do you come up with that figure?
Determining your offer price is a three-step process.
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