06/19/2011

Your Realtor Could Cost You Your Dream Home

REOs—or bank-owned properties, as they are better known—are very popular right now with investors and first-time home buyers. However, this market is a very specialized niche. It’s not like writing a deal on a regular resale home and requires a few special skills that you want to make sure your Orlando realtor has, or it could cost you that house.

 

As an REO listing agent, I see offers come across my desk all day long from other agents and their eager buyers. Sometimes I just have to shake my head. What was their agent thinking when they wrote their offer? There are contingencies that some of them write in, the offer price, etc., the terms are just not acceptable to a bank and oftentimes their offers get overlooked.

 

If you are looking to purchase a bank-owned home in the Orlando area, make sure you are working with a realtor that specializes in the foreclosure market. It’s okay to interview your realtor. Ask them how many REO transactions they closed last year, ask them for proof. This is your financial future and it’s okay to be selective in who you use. The person may be very nice and you like them, which is important, but in the end, will they get you the house you want and with the proper terms?

 

My team and I have extensive experience not only listing bank-owned properties in the Orlando area, but successfully helping home buyers purchase REO listings and the tricks to getting our offers in before most even notice the house is on the market. We welcome your questions and look forward to working with you!