Interested in REO property or a foreclosure in Hollywood?


	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 questions you have about real estate foreclosures.

What's an REO?

"REO" or Real Estate Owned are houses which have completed the foreclosure process that the bank or mortgage company presently owns. This is not the same as real estate up for foreclosure auction. Coldwell Banker Residential Real Estate, LLC has experience to share with foreclosures and bank owned properties in Hollywood, Florida

Coldwell Banker Residential Real Estate, LLC has experience to share with foreclosures and bank owned properties in Hollywood, Florida

If you buy a property during a foreclosure sale, you must pay at least the loan balance plus any interest and other fees accrued during the foreclosure process. You must also be willing to pay with cash in hand. Finally, you'll accept the property completely as is. That may involve prevailing liens and even current tenants that may require removal.

A bank-owned property, on the contrary, is a more tidy and attractive proposition. The REO property did not find a buyer during foreclosure auction. Now the lender owns it. The lender will take care of the elimination 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 normal disclosure requirements. For example, in Nevada, it is optional for foreclosures to have a Property Disclosure Statement, a document that normally requires sellers to make known any defects of which they are knowledgeable. By hiring Coldwell Banker Residential Real Estate, LLC, you can rest assured knowing all parties are fulfilling Florida state disclosure requirements.

Is REO property in Hollywood a bargain?

It's occasionally presumed that any foreclosure must be a good deal and an opportunity for guaranteed profit. This isn't necessarily true. You have to be prudent about buying a REO if your intent is to make money off of it. Even though the bank is usually eager to sell it quickly, they are also looking to minimize any losses.

Coldwell Banker Residential Real Estate, LLC has experience to share with foreclosures and bank owned properties in Hollywood, Florida

Look carefully at the listing and sales prices of similar homes in the neighborhood when considering the purchase of an REO. And factor in any repairs or remodeling 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 not be money makers.

Time to make an offer?

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

Prior to 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 their knowledge concerning 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 unknown damage and cancel the offer if you find it. As with making any offer on real estate, your offer may be more attractive if you can include documentation of your ability to pay, such as a pre-approval letter from a lender.

Once you've submitted your offer, you can expect the bank to make a counter offer. At this point it will be up to you to decide whether to accept their counter, or make another counter offer. Understand, you'll be contending with a process that generally involves multiple people at the bank, and they don't work evenings or weekends. It's not unusual for the process of offers and counter offers to take days or even weeks. Coldwell Banker Residential Real Estate, LLC is are used to working around the schedules of this type of seller and will do everything possible to ensure there are no undue delays.