REO Instead of Foreclosures
Okay, the title may have been just slightly mis-leading. REO (real estate owned) properties are a kind of foreclosure. The difference is that an REO or bank owned property has already been through the foreclosure process unlike traditional foreclosures. Many people focus on pre-foreclosure and actually courthouse auction foreclosures. Of course every method has its' advantages and dis-advantages.
I have been at the courthouse steps many times chasing down good deals, but they were either taken up by investors with a lot more money than me, or the bank's representative would out-bid me. The bank's rep is there just to make sure someone like me doesn't end up with a $200,000 or even $50,000 dollar property for a fraction of that. Right now most of the foreclosures are not even good deals because the owners/debtors are upside down on their loans!
The problem for the bank is that once they get this property back, they are usually stuck with it for several months. This is bad business for the bank for a couple of reasons. First of all, banks are in the money business, not the repair or house selling business, so they are not good at it. Secondly, banks get fined by our good old Federal Reserve for having too many REO's on their books. Are the wheels turning in your head yet?
Because of the bad housing and Real Estate market of the past two years (especially 2008) banks have now got more REO properties on their books then ever before. Most of the major banks have separate REO departments to deal with these properties. Most of them still use an independent agent or professional Realtor to help them sell the land and houses REO database rather than an in-house agent.
Because of our current economy and Real Estate market now is the best time in years to find great deal on bank owned properties. I have found a site that has a database or list of all the major bank's REO departments. Most of them have websites or other contact information so that you can contact the bank or its' agent directly! This list is gold and I almost didn't want to share it, but what the hell...there are tons of properties all over the country and I am not scared that these deals are going to run out anytime soon! So here it is...
Also, on a slightly different note I wanted to mention a new website that I just created to show some of my properties that I have for sale in Florida. I currently have one house ( 3 bedroom/ 2 bathroom) on a 1/2 acre lot in a nice neighborhood. I also have four vacant lots for sale if you are interested in getting land and building your own house. The house is in Crestview, Florida and the lots or in Mossy Head, and Defuniak Springs Florida. Crestview is in Okaloosa County (home of Eglin Air Force Base) and the other two cities are in Walton County just to the East of Okaloosa County. The website is currently not 100% in terms of design, but all the information about the properties is correct. Of course, please contact me by phone or email with any questions. My contact info is located at the bottom of the site...go here: Property in Florida
Scott
http://www.homeforeclosurelist.net
P.S. I'm not going to apologize for not blogging regularly like my previous post from almost a year ago, that would seem sort of silly now wouldn't it! LOL, no seriously you will here more from me on this site and my sister site.
I have been at the courthouse steps many times chasing down good deals, but they were either taken up by investors with a lot more money than me, or the bank's representative would out-bid me. The bank's rep is there just to make sure someone like me doesn't end up with a $200,000 or even $50,000 dollar property for a fraction of that. Right now most of the foreclosures are not even good deals because the owners/debtors are upside down on their loans!
The problem for the bank is that once they get this property back, they are usually stuck with it for several months. This is bad business for the bank for a couple of reasons. First of all, banks are in the money business, not the repair or house selling business, so they are not good at it. Secondly, banks get fined by our good old Federal Reserve for having too many REO's on their books. Are the wheels turning in your head yet?
Because of the bad housing and Real Estate market of the past two years (especially 2008) banks have now got more REO properties on their books then ever before. Most of the major banks have separate REO departments to deal with these properties. Most of them still use an independent agent or professional Realtor to help them sell the land and houses REO database rather than an in-house agent.
Because of our current economy and Real Estate market now is the best time in years to find great deal on bank owned properties. I have found a site that has a database or list of all the major bank's REO departments. Most of them have websites or other contact information so that you can contact the bank or its' agent directly! This list is gold and I almost didn't want to share it, but what the hell...there are tons of properties all over the country and I am not scared that these deals are going to run out anytime soon! So here it is...
Also, on a slightly different note I wanted to mention a new website that I just created to show some of my properties that I have for sale in Florida. I currently have one house ( 3 bedroom/ 2 bathroom) on a 1/2 acre lot in a nice neighborhood. I also have four vacant lots for sale if you are interested in getting land and building your own house. The house is in Crestview, Florida and the lots or in Mossy Head, and Defuniak Springs Florida. Crestview is in Okaloosa County (home of Eglin Air Force Base) and the other two cities are in Walton County just to the East of Okaloosa County. The website is currently not 100% in terms of design, but all the information about the properties is correct. Of course, please contact me by phone or email with any questions. My contact info is located at the bottom of the site...go here: Property in Florida
Scott
http://www.homeforeclosurelist.net
P.S. I'm not going to apologize for not blogging regularly like my previous post from almost a year ago, that would seem sort of silly now wouldn't it! LOL, no seriously you will here more from me on this site and my sister site.
posted by Irrigationman at
1:31 PM
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