Foreclosure in Florida>Question Details

gabriel palo…, Real Estate Pro in Pompano Beach, FL

• After foreclosure, how long do properties stay in REO?

Asked by gabriel palotas, Pompano Beach, FL Fri Feb 26, 2010

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Gabe and your point in bringing up a 18 month old report with 3 year old data is?
1 vote Thank Flag Link Fri Feb 26, 2010
Thanks for the reference.

Yes - they stay REOs until they are sold. Some are rented out in the meantime. I don't have listing-to-closing data on these but REOs are faster than short sales but can be slower than sales from individual sellers.

HUD REOs might be good for your clients - let me know if you want details and I can help finance.

Tom
Eagle Nationwide Mortgage - Thomas.Stevens@ENMCdirect.com
0 votes Thank Flag Link Fri Feb 26, 2010
0 votes Thank Flag Link Fri Feb 26, 2010
Gabe they stay a REO property until they sell you silly man!

Real estate owned or REO is a class of property owned by a lender, typically a bank, after an unsuccessful sale at a foreclosure auction.
William Roark (2006), Concise Encyclopedia of Real Estate Business Terms
Web Reference: http://www.Find1Home.com
0 votes Thank Flag Link Fri Feb 26, 2010
Hi Gabriel,

I've got data on that on my website for the Orlando area.

The answer is: DAYS. REO's are typically on the market less than 30 days when they go to contract.

Good luck,
Mark LeMenager
Find your next REO BARGAIN with the click of a mouse.
Search the MLS without obligation or registration from my website.
0 votes Thank Flag Link Fri Feb 26, 2010
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