About Tampa REOs
Tampa REO properties are among the hottest assets today. While the economic downturn has resulted in an increasing number of foreclosed properties across the United States, it has also presented an opportunity for people to avail of homes at very low prices. Many people are reluctant to shell out money today but industry watchers believe that now is the right time to buy real estate owned (REO) properties as houses are being sold for far less than their market values. Analysts also believe that real estate prices will shoot up once the country hurdles the economic crisis.
At Tampa REOs, we provide you with the best deals on real estate owned homes that the Tampa Bay Area has to offer. From selecting a property to buying a house, Tampa REOs will guide you every step of the way to help you acquire that “Dream Home” at a very low price. We will also provide you information on the entire process and transform you into an educated consumer.
What are REO Properties?
Real estate owned properties refer to homes that are owned by lenders due to previous homeowners’ failure to pay their mortgage loans. Also called a lender owned home, an REO property is an asset owned by a lender, usually a bank, after an unsuccessful sale at a foreclosure auction. Banks typically seek to repossess a home when a homeowner struggles to meet his or her mortgage payment. If a bank manages to sell the repossessed home through a short sale or at a foreclosure auction, it will not be listed as an REO property.
Why REO Properties?
REO properties are considered popular among prospective buyers as they can often get discounted prices for the houses. Purchasing real estate owned homes can net buyers between 30% and 60% of a property’s market value in savings. Banks are known to sell repossessed properties at lower prices as they usually aim to receive only a portion of the property’s full market value. Lenders tend to sell repossessed properties as soon as possible either through directly selling the homes themselves or through the services of a broker. Prospective buyers, on the other hand, generally prefer looking for listings of REO homes to avoid bidding wars during auctions.
How To Buy An REO Property?
Prospective buyers need to make an offer to the bank that owns the REO property if they want to purchase a lender owned home. Buyers have more chances of getting the best deals if they hire the services of an experienced realtor. At Tampa REOs, we provide this EXPERIENCE. With our expertise in the Tampa Bay Area real estate market, we ensure that our clients get the lowest prices for their very own real estate owned homes.