REO or Bank Owned Properties as they are better known are very popular right now with investors and first time home buyers. However this market is a very specialized niche. It's not like writing a deal on a regular resale home and requires a few special skills that you want to make sure your Orlando Realtor has or it could cost you that house.
As an REO listing agent I see offers come across my desk all day long from other agents and their eager buyers. Sometimes I just have to shake my head. What was their agent thinking when they wrote their offer. Their are contingencies that some of them write in, the offer price, the terms are just not acceptable to a bank and often times causes their offer to get over looked.
If you are looking to purchase a bank owned home in the Orlando area, make sure you are working with a Realtor that specializes in the foreclosure market. It's ok to interview your Realtor. Ask them how many REO transactions they closed last year, ask them for proof. This is your financial future and it's ok to be selective in who you use. The person maybe very nice and you like them which is important but in the end will they get you the house you want and with the proper terms.
My team and I have extensive experience not only listing Bank owned properties in the Orlando area, but successfully helping home buyers purchase REO listings and the tricks to getting our offers in before most even notice the house is on the market. We welcome your questions and look forward to working with you!
Heather Joubran, GRI, NRBA, CLHMS, CDPE
RE/MAX Central Realty
www.HeatherTheRealtor.com (407) 810-6304
Specializing in First Time Home Buyers, Short Sales, Bank Owned Real Estate, REO & Foreclosure Properties
Servicing Real Estate Needs in: Lake Mary, Longwood, Winter Springs, Sanford, Altamonte Springs, Oviedo, Orlando, Downtown Orlando, Thornton Park, College Park, Winter Park, Maitland, Windermere, UCF, Lake Nona, Baldwin Park, Apopka, Ocoee & Winter Garden
Heather - I have done quite a few REO sales in my area and I'm always amazed at how the traditional buying process is turned sideways by the REO banks. All our lovely forms and systems are tossed out the window and the buyers have to sign draconian addendums that reserve all power for the banks. If the buyers have chosen someone who hasn't done an REO transaction before, the agent will be continually surprised by the process. That's not a good formula for success.
You can tell a buyer to expect a 4 to 16 page addendum, single spaced, that they will not be able to change one word on and they will still insist on writing contingencies. You can tell them the offer will likely be rejected and when the offer gets rejected they are upset.