Interested in REO property or a foreclosure in Treasure Island? Just as with any home purchase, your smartest move is to hire a professional real estate agent. What's an REO? "REO" stands for Real Estate Owned. These are properties which have completed the foreclosure process and are now owned by the bank or mortgage company. This is not the same as a property up for foreclosure auction. If you buy a property during a foreclosure sale, you must pay at least the loan balance plus any interest and other fees amassed during the foreclosure process. The buyer must also be willing to pay with cash in hand. And on top of all that, you'll get the property totally as is. That possibly could comprise of existing liens and even current tenants that need to be kicked out. A bank-owned property, by contrast, is a more tidy and attractive deal. The REO property was unable to find a buyer during foreclosure auction. Now the lender owns it. The bank will see to the removal of tax liens, evict occupants if needed and generally arrange for the issuance of a title insurance policy to the buyer at closing. Note that REOs may be exempt from typical disclosure requirements. For example, in California, banks are not required to give a Transfer Disclosure Statement, a document that typically requires sellers to make known any defects they are informed of. By hiring Century 21, you can rest assured knowing all parties are fulfilling Florida state disclosure requirements. Are REO properties a bargain in Treasure Island? It is occasionally presumed that any foreclosure must be a bargain and a possibility for guaranteed profit. This often isn't true. You have to be very careful about buying a REO if your intent is to make money off of it. Even though the bank is usually anxious to offload it soon, they are also motivated to get as much as they can for it. When pondering what to pay for a foreclosure, carefully analyze comparable sales in the neighborhood and be sure to take into account the time and cost of any repairs or remodeling needed to prepare the house for resale. The bargains with money making potential exist, and many people do very well buying and selling foreclosures. However there are also many REOs that are not good buys and may lose money. Ready to make an offer? Most banks 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 usually hire a listing agent. Before making your offer, you'll want to contact either the listing agent or REO department at the bank and learn as much as you can about their knowledge about the condition of the property and what their process is for accepting offers. Since banks almost always sell REO properties "as is", it's often prudent to include an inspection contingency in your offer that gives you time to check for hidden damage and terminate the offer if you find it. As with making any offer on real estate, providing documentation of your ability to pay may make your offer more attractive, such as a pre-approval letter from a lender. After you've submitted 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 submit another counter offer. Understand, you'll be dealing with a process that probably involves multiple people at the bank, and they don't work evenings or weekends. It's typical for the process of offers and counter offers to take days or even weeks. Century 21 is accustomed to these situations and will work to ensure there are no unnecessary delays.

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