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REO home due diligence period

Our offer on an REO home was accepted today and the due diligence period has started. Is there anything special I should do for an REO home that might not be necessary for a regular purchase?
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October 31 2013 - US
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Answers (3)

When purchasing either an REO home or a "regular" sale home, you should conduct whatever inspections that are necessary/needed in your due diligence period.  You have the right to cancel your transaction if you are unhappy with the results of the inspections as long as you report back to seller in a timely fashion.  
 
Further, there may be additional costs that will be incurred by you at closing that are typical seller disbursements.  Consult with your attorney exactly what costs are associated with your REO purchase so you are informed!

Discuss all possible inspections with your agent. 
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November 01 2013
Your real estate agent should be advising you as to the steps you should be taking during this period.  We are not familiar with your contract so it is difficult to give specific advice.
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November 01 2013
Go knock on the neighbor's doors and talk to them.  This does a few things.  It gives you a feel for the neighborhood, let's you decide if you'd WANT to live there and they also will sometimes tell you everything they know or think is wrong with the house (or the neighborhood).

This is really not a bad idea for any home you purchase, REO or otherwise.
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October 31 2013
 
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