How to Buy a Tampa Florida Bank Owned REO Property, Winston Rowe and Associates
Tampa Saint Petersburg Florida real estate investors are always looking for the best deals and REOs are a source that you should not ignore.
By: Winston Rowe and Associates
Where to find bank-owned properties (REOs)
There are several ways to find bank-owned properties:
Most lenders list their REO properties on a Multiple Listing Service (MLS), so any real estate agent can help you identify REO offerings in your area.
Some banks have an entire department set up to sell REOs, and sections of their websites are dedicated to their listings.
Free Online Searches:
Zillow has foreclosure listings for free. You can find foreclosure properties by using search filters on Zillow's search and maps page.
Most other online foreclosure listing services charge a fee.
Get an appraisal and inspection.
Be aware that REO properties are not automatically bargains. Banks are in business to make money, so they price their homes competitively. Some REOs are discounted because of severe damage or location, while others may not sell for much of a discount at all. Get an independent appraisal to determine a home's true market value.
Banks generally clear the title before listing a home never assume this is the case. Search public records for liens and outstanding taxes, then hire a title company to run a full, insured title search before closing the deal.
Be smart about money.
Get pre-qualified for a loan if you're serious about buying.
Understand that a significantly damaged home may limit your financing options. Certain types commercial loans can be more difficult to obtain if the property isn't in move in condition.
If the property you're considering is in good condition, the fact that it's an REO shouldn't make it more difficult to qualify for a loan. Similarly, an REO property in decent shape should not be subject to a higher mortgage rate.
Do your homework before making any offers.
Make certain your offer price is comparable to the recent sale prices of similar homes in the neighborhood. Be sure you add in the costs of renovation.
If you're looking for financing options for commercial investment properties, use Winston Rowe and Associates a national consulting firm that provides free commercial loan work outs for commercial real estate investors nationwide.
Winston Rowe and Associates can be contacted at 248-246-2243 or visit them online at https://www.winstonrowe.com
Winston Rowe & Associates