Homes For Sale Foreclosures In Omaha

There are important procedures to understand and follow when buying homes for sale that are foreclosures. In buying homes for sale that are foreclosures in Omaha or anywhere else, owner occupants have a distinct advantage over investors. Most foreclosed properties, unless sold directly by the mortgage companies require that owner occupants be given a two week exclusive period to make offers to buy the foreclosed homes for sale. Once the exclusive period ends the foreclosed homes are free game. The rational behind this policy is that given the opportunity, investors would crowd out the owner occupants. It is believed that owner occupants are better for the neighborhood. Another factor I'm sure is that investors tend to pay less for the foreclosures they buy. Fannie, Freddie, HUD and VA all have waiting periods.

Bids are accumulated and reviewed at predetermined intervals.  This allows the lender to collect competing offers and select the one that they feel is best. Banks can adopt any process they choose as the REOs (Real Estate Owned) belongs to them, but the other agencies have to follow strict procedures. The demand for foreclosure homes is very high. It is recommended that interested parties look at the homes for sale as soon as possible and submit offers promptly. Visit our Buyers section for value added programs and information on investing in real estate.