House hunting is somewhat of an emotional roller coaster.  Most people start their home search online where they see beautiful photos and read wonderful descriptions.  You look at the price and you kind of well, “fall in love” so to speak.  In many of those scenarios, the love dies when it comes time to actually view the property and you see the giant kitchen in the photo is really quite small and that nice big window is in a room with formaldehyde paneling.  The reality sets in and you are on to the next listing.

When you are considering purchasing a post-foreclosure property or REO (real estate owned) property, look at it as an adventure to avoid the disappointment of lost love.  You can read people’s tragic tales of going to look at foreclosed homes and finding unfinished rooms, unkempt homes and general cosmetic ugliness, even wild animals, but there are treasures among the trash and you must persevere to find the property you will just love.

You should have been told from the moment you considered purchasing an REO that “what you see is what you get”.  There are no previous homeowners coming back to finish painting and no contractors coming to put doors on the kitchen cabinets.  In most situations, REOs should be considered “as-is” properties.  This doesn’t mean that your offer can’t reflect necessary costs of repairs; you must simply be willing to do those repairs yourself.