Interested in REO property or a foreclosure in Boca Raton?


	Foreclosed upon and bank owned property purchases require the assistance of an experience professional.

What's an REO?

"REO" stands for Real Estate Owned. These are homes which have been foreclosed upon that the bank or mortgage company now holds. This is unlike real estate up for foreclosure auction. Todd Blosser P.A. has experience to share with foreclosures and bank owned properties in Boca Raton, Florida

Todd Blosser P.A. has experience to share with foreclosures and bank owned properties in Boca Raton, Florida

When buying a property during a foreclosure sale, you must pay at least the loan balance plus any interest and other fees accumulated during the foreclosure process. The buyer must also be prepared to pay with cash in hand. Finally, you'll receive the property totally as is. That possibly may comprise of prevailing liens and even current denizens that need to be put out.

A bank-owned property, on the other hand, is a more tidy and attractive proposition. The REO property did not find a buyer during foreclosure auction. Now the bank owns it. The lender will deal with the removal of tax liens, evict occupants if needed and generally prepare for the issuance of a title insurance policy to the buyer at closing.

Take notice that REOs may be exempt from typical disclosure requirements. For instance, in California, banks do not have to give a Transfer Disclosure Statement, a document that ordinarily requires sellers to disclose any defects of which they are aware. By hiring Todd Blosser P.A., you can rest assured knowing all parties are fulfilling Florida state disclosure requirements.

Is REO property in Boca Raton a bargain?

It is frequently assumed that any REO must be a bargain and a chance for easy money. This isn't necessarily true. You have to be cautious about buying a REO if your intent is profit from the sale. While it's true that the bank is typically eager to sell it soon, they are also looking to get as much as they can for it.

Todd Blosser P.A. has experience to share with foreclosures and bank owned properties in Boca Raton, Florida

When pondering the value of 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. There are bargains with potential to make money, and many people do very well buying foreclosures. But there are also many REOs that are not good buys and not likely to turn a profit.

Prepared to make an offer?

Most mortgage companies have a department dedicated to REO that you'll work with in buying REO property from them. Commonly the REO department will use a listing agent to get their REO properties listed on the local MLS.

Prior to making your offer, you'll want to contact either the listing agent or REO department at the bank and find out 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. If, as a buyer, you can provide documentation showing your ability to secure financing, such as a pre-approval letter from a lender, your offer will be more attractive and likely be accepted. (This is generally true for any real estate offer.)

After you've presented your offer, it's customary for the bank to counter offer. Then it will be up to you to decide whether to accept their counter, or submit another counter offer. Your deal might be settled in one day, but that's usually not the case. Since offers and counter offers usually give the other party a day or longer to respond (and employees at a bank don't work nights or weekends) you could be looking at a week or longer.