Home Buying in Orlando>Question Details

Nwcaraballo@…, Home Buyer in

I am thinking of purchasing a REO property and I will be paying cash. I am looking for any advice on how to proceed.

Asked by Nwcaraballo@hotmail.com, Fri May 3, 2013

Help the community by answering this question:


I would not pay cash. I would use the 203K to purchase and renovate the REO property. Most will need repair and rates are under 4%
0 votes Thank Flag Link Sun May 5, 2013
Call or e-mail me please
I'm a buyers agent, deal with many REO's
Orlando based.
0 votes Thank Flag Link Sat May 4, 2013
Do you have a 203K lender to work with Chris?
Flag Sun May 5, 2013
Advice: Call me :)
0 votes Thank Flag Link Sat May 4, 2013
Buenas Noches Caraballo,

Espero se encuentre muy bien, paso numero uno es encontrar un buen corredor de Bienes Raices que tenga bastante conocimiento, debe de tener el estado de cuenta de su banco donde muestre los fondos, ya que el dia que encuentre la propiedad correcta se necesita este documento para poder enviar la oferta, en este momento hay un inventario muy bajo por lo tanto si una casa esta en buen precio o esa linda generalmente recibe ofertas multiples y hay que actuar rapido y hacer una buena oferta para poder ganar la propiedad, las propiedades del banco son una buena opcion pero considero que las ventas regulares tambien son muy buenas ya que usted obtendra una respuesta a su oferta casi inmediatamente, las del banco tardan un poco mas en dar respuesta, si tiene alguna pregunta adicional o le gustaria darme la oportunidad de trabajar con usted se puede comunicar conmigo al 407.797.5139 sera un honor poderle asistir. Para mas informacion visite mi pagina web http://www.EastOrlandoRealEstateSearch.com ww.facebook.com/EastOrlandoRealEstateSearch

Anabella Tercero Okrassa
CHASE Priority Partner
CDPE/REO Realtor
Z House Realty Group
0 votes Thank Flag Link Fri May 3, 2013
why restrict yourself to REO. Buying and flipping is not a game for a beginner . Team up with another investor, join and investor club. Find a good agent and then tread with care
0 votes Thank Flag Link Fri May 3, 2013
Karen makes an excellent point. REO are now the smallest segment of the active listings. And you can sometimes find a property someone else was able to buy cheap and rehab, and still flip at a reasonable price. This gives you a turnkey rental that you can rent immediately. That time and money savings should not be overlooked.

Don Shippey
0 votes Thank Flag Link Fri May 3, 2013
REOs are becoming far and few in between and the competition for these is fierce! You should also include short sales and traditional sales in your search to increase the inventory of homes available to you. What is your goal in purchasing an investment property? Are you looking to flip or rent it out until prices appreciate? Have you decided on a location or are you seeking guidance on that too? I have helped several investors locate and purchase excellent investment properties. I can certainly help you if you’d would like!:)

Karen Weathers, REALTOR
Charles Rutenberg Realty
0 votes Thank Flag Link Fri May 3, 2013
The first step is to find a Realtor you feel comfortable with, and proceed from there.
0 votes Thank Flag Link Fri May 3, 2013
Start with my popular blog on this topic:

By the way the claim of average 67% profit on flips is WRONG. Do read the article in the paper first. NOTHING to do with profit. It's the difference between bought price and sold price and does NOT take rehab and transaction costs into consideration.

Did you know that you can check out my references and the references of the other agents that answer right here on Trulia? Just click on our pictures to go to our profiles and read what our clients say about us. Pick the person you’d be most comfortable to work with. Of course I hope it’s me, but if not then best of luck to you.
0 votes Thank Flag Link Fri May 3, 2013
Hi Nwcaraballo,

Kudos to you for wanting to do this the right way, and you have come to the right place. The process starts with you. Since you have already made the decision to purchase and your funds are in order, the next step to be to connect with a qualified real estate professional whom you can trust (like me) and have them walk you through the process. They will help you find the home of your dream, write up the offer, negotiate, coordinate inspections, appraisal, etc. The best thing about
all this is that as buyer, you can get all of this service for free because the seller pays the commission. I have access to many REO properties and I would love to speak with you to see how I can be of assistance. Check out my profile and I hope you will feel comfortable to give me a call at 407-864-3139, or email me at: sylvia@sylviapaulrocks.com. I would love to hear from you!!
0 votes Thank Flag Link Fri May 3, 2013
Yes , indeed, you need to very aggressive and quick to get your offers in as most enter a multiple offer situation in just a few hours/days. There are some fantastic deals to be had and Orlando was just named the top producing city to flip real estate with an average 67% profit and 90 day turn around.

I am happy to talk to you about a comprehensive strategy, construction/re-hab costs, turn around times and re-sale or rental for each property as well as potential % ROI

Call anytime!

Brian Mahoney
Re/Max Town Centre
0 votes Thank Flag Link Fri May 3, 2013
Make your offer very quickly, make sure all docs are complete and correct, and make your best offer first. On average the REO assets I list for the banks I represent get 15-20 offers in the first 3 days on market. We usually cut off new offers about then also. I represent buyers also and I have a team of buyer agents.

I can send advance info of REO's before they hit the market. But your offer will need to compete with all other offers. They all require exposure to the market before accepting offers. We can never divulge amount of any other offer or we would lose our account. Some go to auction where you can see the highest bidder at any time. Contact me for more info.

Thank You !
Don Shippey, CDPE, REO, SFR

Broker Associate/REALTOR
Certified Distressed Property Expert
Short Sale Foreclosure Resource
Certified Military Housing Specialist

RE/MAX Properties SW
6985 Wallace Road
Orlando FL 32819

Cell 407-925-2318
Office 407-857-7600
Fax 407-857-1100
0 votes Thank Flag Link Fri May 3, 2013
Be very aggressive with your offering price if you want to discuss the opportunities call me at 407-902-6502
0 votes Thank Flag Link Fri May 3, 2013

I work with several hedge funds in purchasing properties for various reasons in the Orlando Metro,

Give me a call or email to chat, check my recommendations for insight.

Vincent Warren Paige, Jr.
REALTOR® | RE/MAX Showcase
Certified Broker Price Opinion Registered Agent (BPOR)
8934 Conroy Windermere Road  |  Orlando, FL 32835
Direct: 407.256.8190 |  Fax: 407.264.8073
E-mail: vince@thepremiumproperties.com
0 votes Thank Flag Link Fri May 3, 2013
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