HO260 Counseling Buyers of REO Properties

In today's real estate market, borrowers who are interested in purchasing a home will likely consider the growing inventory of Real Estate Owned (REO) property. These properties may offer attractive pricing but also present hidden challenges and pitfalls to potential buyers. By providing comprehensive individual counseling, homeownership counselors can equip clients with timely information to make informed decisions and protect their future asset. Participants attending this course will learn:

• Who is selling these properties (from nonprofits to municipalities, banks, etc.)
• How to assist clients through careful analysis of the sales contract
• How to engage home inspectors and avoid the pitfalls of purchasing "as is" properties
• How to determine if special financing may be available for clients purchasing REO properties.
• What the counseling program details of HUD's Neighborhood Stabilization Program (NSP) are, and how to determine if this program can help meet the needs of clients.