You can purchase auction properties from foreclosure attorneys, trustees, or auctioneers at the public sale at the county courthouse. You can also buy REOs from lenders after they have taken the properties back at the auction. In all three cases, you can buy the properties without using the services of a real estate professional, if that is your choice. But in order to buy government-owned REO properties from HUD, Fannie Mae, and other federal agencies, a real estate licensee who is registered to do business with the seller must submit your offer according to the seller's rules. These government agencies usually employ property management companies that also have the listings published in a local MLS. There are Realtors® that specialize in government properties who will work with you to submit the special contracts to these sellers.

Even though you do not need a Realtor in most foreclosures, a Realtor can guide you through financing, rehab loans and how to make offers on the various types of foreclosure property (many of them have their own special addenda and forms to use).