Sarasota Florida Bank Owned Foreclosure Homes Condos Foreclosed Foreclosure Real Estate
What's an REO Bank Owned Property?
When you see "REO" or Real Estate Owned are Sarasota properties which have completed the foreclosure process and are now owned by the bank or mortgage company. This is different than a property up for foreclosure auction. 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. You must also be prepared to pay with cash in hand. Finally, you'll accept the property completely as is. That may consist of prevailing liens and even current denizens that may require eviction. A bank-owned property, on the contrary, is a much neater and attractive transaction. The REO property didn't find a buyer during the Sarasota foreclosure auction. Now the lender owns it. The bank will see to 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. You should be aware that REOs may be exempt from normal disclosure requirements. For example, in Florida, it is optional for foreclosures to have a Property Disclosure Statement, a document that usually requires sellers to reveal any defects they are knowledgeable of. By hiring PETE MARRIOTT AND BILL GARRISON, you can rest assured knowing all parties are fulfilling Florida state disclosure requirements.
Is REO property in SARASOTA a bargain? It's commonly believed that any Sarasota foreclosure must be a good buy and a chance for guaranteed profit. This often isn't true. You have to be very careful about buying a repossession if your intent is to make money off of it. Even though the bank is typically eager to offload it soon, they are also motivated to minimize any losses. When considering what to pay for REO property, you need to look closely at 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 flipping foreclosures. However there are also many REOs that are not good buys and not likely to turn a profit. Ready to make an offer?Most mortgage companies have a department dedicated to REO that you'll work with when buying REO property from them. To get their properties advertised on the local MLS, the lender will usually use a listing agent. Before making your offer, you'll want to contact Pete Marriott and Bill Garrison find out as much as you can about their knowledge concerning the condition of the property and what their process is for receiving offers.
Since banks almost always sell REO properties "as is", it is always your best interest to include an inspection contingency in your offer that gives you time to check for hidden damage and withdraw the offer if you find it. As with making any offer on real estate, you'll make your offer more attractive if you can include documentation of your ability to pay, such as a pre-approval letter from a lender. Once you've made your offer, it's customary for the bank to counter offer. At this point it will be your choice whether to accept their counter, or submit another counter offer. Be aware, you'll be working with a process that usually involves multiple people at the bank, and they don't work evenings or weekends. It's typical for there to be days or even weeks of going back and forth. PETE MARRIOTT AND BILL GARRISON are used to working around the schedules of this type of seller and will do everything possible to ensure there are no undue delays.
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