With the current bust up in the housing sector, there is an abundant supply of REO homes repossessed by banks and lenders. It is a golden opportunity for home buyers and property investors interested in buying residential REO homes. These bank owned properties have been repossessed and thus are in the bank inventory for sale. They use real estate brokers who specialize in handling these sort of properties. These approved authorized REO brokers handle the entire inventory for a given locality. A simple search on google for “reo brokers + YOUR AREA OF CHOICE” should yield the list of such brokers in your area.

The other option is to visit the bank’s reo inventory websites and do a search with your criteria. Usually the REO broker handling a property is usually listed right there, with all the contact info. You can find a list of bank repossessed property on this site. Since HSBC, Ocwen, Countrywide, Downey Savings, Citibank, Wachovia and Chase are some of the major lenders facing sub-prime and prime borrower defaults, you can visit their sites and get a big inventory of REO Homes for your particular state or area.

This is a great opportunity - probably, the best time in history to pickup great properties for pennies on the dollar.