The real estate market has turned the corner. The signs and economists are saying that barring unforeseen calamities or further limitations on available mortgage credit, the housing market will continue to gain momentum into 2014.

Distressed properties are still prevalent in most parts of the country though, and real estate owned (REO) properties are still common in certain markets as well. Here are four tips about how to represent buyers' best interests in these often-challenging transactions.

1) Educate Buyers

REOs aren't for everyone. Agents will want to use the buyer counseling session to assess the types of properties the buyer does and doesn't want to see. This will require agents to credibly explain the common terminology and process of distressed property transactions and provide realistic expectations of what buyers can expect if they decide to pursue an REO.

2) Do the Homework

Not every REO listing is a great deal. While there are some deals to be found, there are also many REO properties that are poorly priced relative to the work required and comparable properties in the area. Buyers don't have much recourse in an REO transaction, making it extremely important to thoroughly research the property condition and history. Also, agents need to make sure their buyer can use the property as they intend to. For example, if they're investing in a condo, agents will need to check the owner/renter ratio and determine if there are any rental restrictions for investors.