The deposit is usually a nominal amount ($100) that will be refunded or returned to you if your offer is not accepted. If your offer is accepted, the lending institution keeps your deposit and applies it to the purchase price.
Real Estate Offices Another source of foreclosure listings is your local real estate company. Most lending institutions do not have the property management capabilities, or the staffing to manage, repair, advertise, and show the properties in their inventories to buyers.
Preparing Your Offer More often than not, the list from the lending institution that is selling the property includes the asking price. You should not assume that this price is “set in stone.” When you are ready to make your offer, you will do so based on the price that is best for you.
Here is some of the most effective ways of finding REOs: