With the growing availability of foreclosure properties, many bargain shoppers are thinking about buying one of these “lender-owned” homes. Some of the would-be buyers, though, worry about purchasing a house filled with unknown problems.  When asked for her advice, money-savvy investment expert, Walecia Konrad gave the following advice.

“More properties than ever are in foreclosure, and the number may climb—to 2.5 million by the end of 2009, according to Lehman Brothers. But auctions on the courthouse steps, where speculators pay cash on the spot for homes they probably haven’t inspected, aren’t the place to buy.

Better to try the aftermarket, says Lawrence Yun, chief economist for the National Association of Realtors. Some of the best deals are found in what goes by the awkward term real estate owned or REO homes. These are properties that did not sell at auction and are then put back on the market by the lender. So you can inspect them as you would any home, discover any problems or liens, and know what you’re getting into.

With the glut of properties for sale, Glen Daniels, director of REO sales at Foreclosure.com says that lenders have become very motivated sellers. Daniels also stated that he’s routinely seeing 20 percent discounts on these properties.

Such online services (including ForeclosureS.com and RealtyTrac) collect data on foreclosed and lender-owned homes, then sell access to those listings for a fee, usually about $40 to $50 a month. And there are state-and region-specific sites such as ForeclosuresNH.com.

A real-estate agent who specializes in lender-owned properties can also help you find REO homes. Quiz any brokers you approach on how, and how quickly, they learn of bank-owned property coming to market.”

For both Pitt and Greene counties--which covers Greenville, NC and surrounding communities, all FannieMae Foreclosures are marketed through The Pistol Tingen Team.  Experts in directing home buyers through the maze sometimes associated with lender-owned homes, The Pistol Tingen Team is always the first contact to be made aware of FannieMae properties. (FannieMae has a federal charter and operates in America’s secondary mortgage market to ensure that mortgage bankers and other lenders have enough funds to lend to home buyers at low rates.)

If you have a question about area FannieMae foreclosures or other foreclosures currently on the market, call The Pistol Tingen Team at 252.321.6161.