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MLS# U8216697
The living room has a built-in bookcase and a private balcony. Village Lake Condos has two pools, clubhouses, tennis courts, and laundry facilities; conveniently located to shopping and dining options and easy commute to Downtown St. Pete. Less...
Visit this property in ST PETERSBURG:
850 VILLAGE LAKE TERRACE N # 205, ST PETERSBURG FL 33716
MLS# T3477862
Welcome to this 4 bedroom POOL home in Westwood Lakes. Spacious open kitchen feature bright cabinets, high end granite, stainless steel appliances and gas stove. Sunny sliders from the living room lead to a covered patio and caged pool area. Easy...
Visit this property in TAMPA:
12514 BLAZING STAR DRIVE, TAMPA FL 33626
MLS# T3478139
Picture yourself enjoying the Florida sunshine and breathtaking water views from your own waterfront oasis in Sea Pines. As you step inside, prepare to be enchanted by the unique features and thoughtful design of this remarkable home. Don't miss...
Visit this property in HUDSON:
7411 HATTERAS DRIVE, HUDSON FL 34667
MLS# T3477854
This split floor plan two-bedroom mobile home has just under 800 square feet and sits on a fully fenced quiet corner lot with just shy of a 1/4 acre. Kitchen features a breakfast bar opening up to the living room, making entertaining a breeze....
Visit this property in THONOTOSASSA:
10606 4TH STREET, THONOTOSASSA FL 33592
Tampa Bank Owned Homes or REOs
Real estate owned properties are the type of properties that a bank has taken back through foreclosure proceedings. Now the bank owns the property (these can also be referred to as bank repos). The bank will try to list the property with a real estate agent in order to get a qualified buyer so that both can get the best possible price in the quickest time. Since banks are not in a position to keep real estate inventories, they try to dispose off these properties as quickly as they can by offering it a very much discounted rate. Usually very much lower than market price.
REO properties are often, but not always, in terrible condition. The previous owners were probably not able to take care of routine repairs or maintenance that quickly call attention to bigger problems with the home.
The property could be vacant, damaged, and definitely not the most desirable place on the market. There are many buyers that will turn around and walk away once they find out that the property is in bad shape, so this is why many first time buyers are attracted to these properties. First time buyers can get a good price and spend time fixing up the property themselves.
Many buyers will try to negotiate the price of an REO, but even though lenders are looking to cut their losses, the still want to get the best price that they possibly can out of the property. It is easier for a lender to sell a property since there is no emotional attachment, so they will often sell the home to the best qualified buyer at what they think is a fair price.
It is often more difficult to qualify for an REO property than for a typical home. This is because requirements on financing are stricter. Most lender are not looking for buyers who make an offer on the contingent sale of the their home, because this option would end up costing the lenders money.
The Home Buying Process:
- The Simple Steps to Buying a Home
- Importance of Getting a Pre-Approval ahead of time
- Finding the Right Home
- Things to watch out for when Financing your Home
- Tips on Writing an Offer
- Importance of a Home Inspection
- What is included in Closing Costs?
Types of Resale in Today's Market:
Taxes, CDD, HOA, and Homestead:
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