Ashley,

You are smart to work with a REALTOR. REO homes are owned by the banks. They want to sell and quickly!!! Less than 30 days. With short sales you can wait 30 days to never for a answer back on your offer. :-(

Banks are selling property at 88% to 92% of the most recent appraised values. They are NOT selling at 50 cents on the dollar. Banks are selling them "as is" and not paying usual seller costs but are passing those on to you.

People think that short sales and REO's are the best deals but I'm seeing better and lower total costs to the buyers coming from sellers with equity in their homes who pay the closing cost and pre-paids.

I takes time to do the research!

Good hunting!

Phil Moody
904-982-3373

Yes! Relators definately do deal with REO properties and you would be foolish to approach one without
Realtor representation. Bank-owned (REO) properties can be more difficult than other sales but not as problematic as short sales which precede the foreclosure. In those sales there are often many offers taken on the same property and price is not the only determining factor. Once the lender forecloses and actually owns the home, they are usually more anxious to sell it because it costs them too much to hold on to it.

By all means use a Realtor, preferrably one who has experience in dealing with REOs, You are right, they can be tricky. So you need an expert on your side.

YES we do!!!!!!

I am too far away to help you, but you will serve yourself well if you find an agent that is full time and works REO's. They can be tricky, esp short sales.

If you need help finding an agent I know several in the area.

John

352-978-4539

Hi Ashley,

Yes, real estate agents handle REOs. They are also known as bank-owned properties or foreclosures. In some communities they make up a significant portion of all sales. They typically require jumping through more hoops than you would with a non-REO purchase, so look for a realtor who has handled a few of these. Good luck!

Diane Loveridge
Majestic Properties
(786) 210-3449