Fort Lauderdale's First International Real Estate Team ~ Tel. 954-818-9221 - 1-800-675-0165

Buying Bank Owned Properties (REO)
at a fraction of the value


 

Buying REO

Today economic conditions in USA and the recent Real Estate Crash in Florida have caused many people to lose their homes because they simply could not afford to pay for their high rate mortgage. These homes, taken back by banks go into foreclosure for a quick sale at a foreclosure auction. If they aren't sold during a foreclosure auction, they become what is known as Real Estate Owned (REO) homes. These homes are usually priced lower than the original loan amount, because they exclude expenses such as attorneys fees and interest. Also, lenders generally remove all second and third liens on the property, delinquent taxes, HOA fees, mechanics' liens, etc.
Since banks are not in the business of maintaining homes, they are eager to sell REO homes and are more willing to negotiate on the price.

A concern that some people have about buying REO homes is the physical conditions as they may have been neglected and in need of repair. However, informed home buyers know that when they buy a REO property, the savings often far outweigh any cost of repairs.
Also, just like other home purchases, REO home buyers are entitled to hire an inspector to find out exactly what's wrong with the property and what needs to be fixed before purchasing an REO home.

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