In today's market of quite a few REOs, your best bet lowest risk option for a great deal is to look at REO properties that have been foreclosed and put back on the market by the bank. There are lots more of these opportunities out there than there were in the past. These kinds of deals used to jump off the market quickly and were more difficult to have a chance at. The best condition and best priced ones still do, even today, so it is important to keep tabs on the market daily or have someone doing it for you to get the best opportunities. It is not uncommon even in today’s market to have multiple offers on the best of these REO properties, so you need to have your act together and have an agent who can help you navigate the process with the best chance of getting your offer accepted.  Some banks are even making repairs to the property and offering other incentives such as low interest financing to try to move their bank owned properties. The state of Georgia is even using "stimulus" money to encourage the purchase of some of the less desirable foreclosure listings out there. The Georgia Dream program offers a $14,000 grant (free money!) to income-qualified buyers who purchase a foreclosed home in Georgia. Don't forget the tax incentives too- Georgia recently passed a home buyer tax credit of $1,800 for home purchases this year, and the federal tax credit of $8,000 is still available to first time buyers or buyers who have not owned a home in 36 months.

Financing is certainly not as easy to get today as it was just a year ago, but it is still out there. If you have good credit and verifiable income, you probably can get a loan. It is really important to start that process early though- even before you find a house. It can take even a good loan officer a few days to determine if you can get financing in today’s volatile market, so start early. You need to be prepared to jump on the right opportunity when it comes along and not have to be fumbling around to figure out if you can get financing. Be prepared!

The bottom line is that there are lots of really great opportunities out there today if you know how and where to look for them. In some cases you can combine tax credits, incentive grants, below market prices and below market financing offered by the owner-banks to create one unbelievable package! Arming yourself with patience, knowledge and persistence can pay off in a great deal on a good opportunity!