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Foreclosures
Advantages of Buying Bank Owned Properties
- All liens against the property are removed once it becomes an REO (Real Estate Owned) , and property taxes are brought current.
- Unlike properties at foreclosure auction, REOs can be inspected prior to contract, and are listed with real estate agents.
- While many foreclosures are often in deplorable condition, REOs are typically restored to at least a readily salable conditon by the lending bank.
- The bank or lending institution that owns the property will often offer financing with better deals than they would offer on traditional properties.
- The bank or lender that owns the property will often proviede an allowance for certain repairs.
- REO properties are usually listed on your local MLS (multiple listing service)
Short Sales
Short Sales Looking More Attractive with Faster Closing Times.
A year or so ago, short sales were the 'S' words that nobody, buyer's agents, seller's agents and buyers themselves wanted to be involved in.
Well, circumstances have changed and banks are cooperating. Banks actually make out better, financially, if they can negotiate a short sale rather going through the costly expense of a foreclosure.
A successful short sale still has many facets. A dedicated professional realtor has to contact the banks involved, as representative for the propery owners (via 3rd party authorization form and listing agreement with the seller's), and get their specific criteria of required components to the short sale package (every bank is different, but similar). and understand that specific bank's short sale procedure. That realtor must keep all parties accountable and make sure all required documents are recieved and sent to the bank in a timely manner.
The bottom line is short sales are becoming more attractive than in the previous year or so, so keep an open mind and don't be afraid to consider a short sale listing when making your new home purchase.
My personal experience is that the short sales I have worked with this year are moving at an unbelievable rate with terrific cooperation from the lenders. Last year the bank turned down a $214,000 offer and this year has accepted a $179,000 contract on the same property.
If you are a buyer, the market is filled with chock full of opportunities and if you are a seller facing a short sale, call me for a complete explanation of how I can help you. You are not alone.
Call Me at 407-415-0444 for a list of Foreclosures and Short Sales. | 
