Making an offer on REO property or a foreclosure in New Port Richey? Just as with any property purchase, your smartest move is to hire a professional real estate agent. If you have questions about real estate in New Port Richey, Florida, call me or send me an e-mail. What's an REO? "REO" is Real Estate Owned. These are properties which have gone through foreclosure that the bank or mortgage company presently holds. This is unlike real estate up for foreclosure auction. If you buy a property during a foreclosure sale, you must pay at least the loan balance plus any interest and other fees accrued during the foreclosure process. You must also be able to pay with cash in hand. To top everything off, you'll accept the property completely as is. That could consist of current liens and even current occupants that need to be put out. A bank-owned property, by contrast, is a much neater and attractive option. The REO property was unable to find a buyer during foreclosure auction. Now the bank owns it. The bank will attend to the removal of tax liens, evict occupants if needed and generally organize for the issuance of a title insurance policy to the buyer at closing. Take notice that REOs may be exempt from standard disclosure requirements. For example, in Texas, it is optional for foreclosures to have a Property Disclosure Statement, a document that ordinarily requires sellers to reveal any defects of which they are knowledgeable. By hiring Hot Properties Realty, Inc., you can rest assured knowing all parties are fulfilling Florida state disclosure requirements. Are REO properties a bargain in New Port Richey? It is sometimes presumed that any REO must be a good deal and an opportunity for guaranteed profit. This simply isn't true. You have to be very careful about buying a REO if your intent is to make money off of it. Even though the bank is usually anxious to offload it soon, they are also motivated to get as much as they can for it. Look carefully at the listing and sales prices of comparable homes in the neighborhood when considering the purchase of an REO. And factor in any repairs or upgrades necessary to prepare the house for resale or moving in. There are bargains with potential to make money, and many people do very well buying foreclosures. Still there are also many REOs that are not good buys and not likely to turn a profit. All set to make an offer? Most banks have staff 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 frequently contract with a listing agent. Before making your offer, you'll want to contact either the listing agent or REO department at the bank and learn as much as you can about their knowledge regarding the condition of the property and what their process is for receiving offers. Since banks most commonly sell REO properties "as is", it's often prudent to include an inspection contingency in your offer that gives you time to check for unseen damage and withdraw the offer if you find it. If, as a buyer, you can provide documentation showing your ability to pay, such as a pre-approval letter from a lender, your offer will be more attractive and likely be accepted. (This goes for any type of real estate offer.) After you've submitted your offer, you can expect the bank to make a counter offer. Then it will be up to you to decide whether to accept their counter, or make another counter offer. Your deal could be final in a single day, but that's usually not the case. Since offers and counter offers usually allow a day or more for the other party to respond (and employees at a bank don't work nights or weekends) you could be looking at a week or longer. Hot Properties Realty, Inc. is are used to working around the schedules of this type of seller and will do everything possible to ensure there are no undue delays.

Florida Real Estate. Fine homes for sale in West Pasco County, FL, Trinity, New Port Richey, Holiday, Port Richey, Hudson, Bayonet Point and surrounding areas.  Whether you are selling Florida Real Estate or buying Florida Real Estate, we offer the finest in experienced real estate agent representation.  Also offering title company and mortgage/refinance services.

Mark & Irene Hallisey and their team of professionals offer the finest in real estate services, counseling for investors, representing buyers and sellers in residential, new construction, commercial, condominium, or vacant land transactions, offering rentals and so much more!  We have a variety of commission plans, including a flat fee.  Wir sprechen Deutsch / Deutsh Sprechend.