South Florida Real Estate Attorney
What is Bank Owned Property?
Bank owned property also known as REO (real estate Owned) is property that is owned by banks or other lending companies due to the foreclosure. If you ever watch television, then you have more than likely seen all those commercials that hype you up with the possibilities of buying REO properties and then turning around and selling them for huge profits. Do not jump on board and purchase their kit! The kit may give you some information but if you do not understand the process, you will still be sitting there scratching your head wondering what to do next.
If the bank or lending company owns the property, the majority of time the property is worth more than what is owed on the property or is worth the amount left on the loan. The bank has ignored all offers, as they want to reap the rewards and receive what the property is worth as well as receive their money.
In most cases, the bank can only receive the amount that is owed on the loan; however, if the property goes to auction they can add other fees. If the lender sells the home prior to an auction, they normally lose money. A few fees that you will have to pay if you purchase the property at auction include accrued interest, attorney fees, and other fees that occurred during the foreclosure process. At auction, you cannot apply for a loan. The money must be in cash only. This is one reason that you do not see many first time buyers at these auctions and several real estate investors.
If you plan to attend an auction and purchase a Bank owned property, remember you will not have time to learn if the home has liens on the property, if it needs repairs, how much is owned on the loan, the costs that incurred and so on and so forth. You may purchase a home that needs more repairs than the home is worth.
If the home does not sell at auction, the bank or lending company still owns the property. Now, the lender will be more apt to take lower offers, however, they are not going to let you still the home. They still need the money that is owed on the loan. However, many homes are not worth the amount of the loan and they may negotiate.
If you want to learn more about foreclosures or REO properties in your area, you should talk with a local realtor and learn as much as you can about these properties. Your professional realtor will be able to negotiate on your behalf as well as know how to learn about the property and help you find the home of your dreams at a much lower price than you might imagine.
About the Author
FL Realty Agents is your answer for finding a Florida Short Sale, Miami Short Sale, or a Palm Beach Short Sale.
Has anyone used Deposit Recovery Services to rescind a condominium contract in Miami, Florida?
I am currently in a contract to purchase a luxury Preconstruction Condominium in South Florida. The developer has postponed my closing date on more than one occasion. At this point I would prefer to have the Condo Contract rescinded, has anyone used Deposit Recovery Services( http://www.DepositRecoveryServices.com ) in Florida? Can anyone recommend a florida real estate attorney to help me in this contract dispute.
I would highly recommend Mr. Bronfeld and his team at Deposit Recovery Services. The people at www.depositrecoveryservices.com not only got me out of my condo contract in Miami, but the even recovered a portion of my deposit. I owe them a debt of gratitude, the offered a free consultation and took my case on a contingency basis. It cost me nothing out of pocket. Thanks Again Mr. Bronfeld!!!
Attorney At Law Raven Liberty- Radio Talk Show- WLQY 1320AM- JUNE 2009- Real Estate Litigation
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