I am a Certified REO Specialist, representing Bank owned properties and special assets
Basic overview:
When owners can’t show the bank how they will make future payments,
the property in question goes into pre-foreclosure. During this process,
the lenders notify the owners that the foreclosure process will begin
unless payment is made. Pre-foreclosure buyers can help these unfortunate
owners while saving money by negotiating a deal that is beneficial to
both involved parties.
A huge advantage in buying a pre-foreclosure is the low price. Home owners
in pre-foreclosure are very motivated to find buyers. In order to avoid
dire long-term financial consequences, pre-foreclosure sellers are willing
to close at well under market value.
You can save big by purchasing a foreclosed home. While it's unfortunate that people are going into foreclosure, it offers you an amazing opportunity to buy a home at a greatly-reduced price. When buying a foreclosed property, there is sometimes danger that the previous owner has taken out their frustrations on the inside of the house. Though this is obviously not ideal for the home buyer, it may provide some leverage for getting the price reduced even further. I am an REO Expert and can help you
WHAT IS A REO ?
REO is an abbreviation for a REAL ESTATE OWNED property-real estate owned property
indicates that the property in question has been foreclosed on and has been
taken back by the mortgage lender or trustee. When a lender has taken the property
back and a buyer cannot be found for the foreclosures sale it is then taken
back and sold seperately. Often lenders (mortgage holder) hire a real estate
agent through there internal reo department or hire asset management
companies who hire the realtors list, market and maintain the properties professionally
for them to sell and move these type of homes off the market. THis is where
I come in with the REO Certification.
Important
REO properties are usually aggressively priced in the market place.
Once and
REO becomes available , there are often times competitive offers on the
properties and they go under contract quickly. If you are interested
in
being notified, the minute a bank owned property becomes available, please
complete the form below so that I can set you up on an automated email
notification system that will send you a message as soon as one of these
properties hit the market.
HOW SHOULD YOU PREPARE; Be ready to view the property and make your offer.
If you have a prequalification letter in hand from your lender of choice,
please have this available to submit it with your offer. If you are a
cash
buyer, the REO owner will require submission of your proof of funds along
with your offer. The two options are REQUIRED when submitting an offer
on an
REO Property. For more information on how to buy Bank owned foreclosures,
please feel free to call me or email anytime.
I serve all areas of the Upper Keys including South Miami, so if you are looking for Homestead, Islamorada, Key Largo, Key Colony Beach, Duck Key, Sombrero Beach or Marathon Fl Homes for sale or any of our other beautiful communities, this is the site to bookmark and share with your friends.