Looking for REO property or a foreclosure in Plantation?


	Smart consumers will turn to a seasoned pro when considering a foreclosed property. For more information, just contact me through my site or e-mail me. I'm glad to answer any questions you have regarding real estate foreclosures.

What's an REO?

"REO" is Real Estate Owned. These are properties which have gone through foreclosure and are presently possessed by the bank or mortgage company. This is not the same as real estate up for foreclosure auction. South Florida REO Inc. has experience to share with foreclosures and bank owned properties in Plantation, Florida

South Florida REO Inc. has experience to share with foreclosures and bank owned properties in Plantation, Florida

If you buy a property during a foreclosure sale, you must pay at least the loan balance plus any interest and other fees added during the foreclosure process. You must also be able to pay with cash in hand. To top everything off, you'll receive the property 100% as is. That possibly may involve current liens and even current tenants that may require removal.

A bank-owned property, by contrast, is a much cleaner and attractive proposition. The REO property didn't find a buyer during foreclosure auction. The lender now owns it. The bank will handle the removal of tax liens, evict occupants if needed and generally organize for the issuance of a title insurance policy to the buyer at closing.

Take notice that REOs may be exempt from standard disclosure requirements. For instance, in California, banks do not have to give a Transfer Disclosure Statement, a document that usually requires sellers to tell you about any defects of which they are aware. By hiring South Florida REO Inc., you can rest assured knowing all parties are fulfilling Florida state disclosure requirements.

Am I assured a good deal when buying a bank owned property in Plantation?

It's commonly assumed that any REO must be a bargain and a possibility for guaranteed profit. This frequently isn't true. You have to be prudent about buying a REO if your intent is to make money off of it. While it's true that the bank is often anxious to sell it fast, they are also looking to get as much as they can for it.

South Florida REO Inc. has experience to share with foreclosures and bank owned properties in Plantation, Florida

Look closely at the listing and sales prices of comparable properties in the neighborhood when making an offer on an REO. And factor in any repairs or upgrades necessary to prepare the house for resale or moving in. There are bargains with potential to make money, and many people do very well buying foreclosures. Still there are also many REOs that are not good buys and may lose money.

Ready to make an offer?

Most lenders have a department dedicated to REO that you'll work with in buying REO property from them. To get their properties advertised on the local MLS, the lender will typically use a listing agent.

Before making your offer, you'll want to contact either the listing agent or REO department at the bank and discover as much as you can about what they know about the condition of the property and what their process is for receiving offers. Since banks most commonly sell REO properties "as is", you'll want to be sure and include an inspection contingency in your offer that gives you time to check for unseen damage and withdraw the offer if you find it. If, as a buyer, you can provide documentation demonstrating your ability to secure financing, such as a pre-approval letter from a lender, your offer will be more attractive and likely be accepted. (This goes for any real estate offer.)

After you've presented your offer, it's customary for the bank to make a counter offer. At this point it will be up to you to decide whether to accept their counter, or offer a counter to the counter offer. Understand, you'll be contending with a process that probably involves several people at the bank, and they don't work evenings or weekends. It's quite common for the process of offers and counter offers to take days or even weeks.