Buying a REO property
REO properties are marketed in similar ways as regular properties. You can purchase REO property through your neighborhood REALTOR. For example, you can find REO properties in the Miami area at the Live Realty WEB site.
REO properties are also referred as Foreclosed properties.
While the lenders are eager to sell their REO properties they also want to recover as much of their money as possible. The lender will obtain the fair market value for the REO property and will market the property at that price. Seldom, will a lender let go of a property at a super bargain price unless the property is in very poor shape.
Good REO properties, in good shape and in good locations, often sell quickly. At times a good property will even create a "bidding war", where several buyers offer higher amounts to secure the desirable property.
REO properties are good buys. A REO property will typically sell at a realistic price which in the current market means a price usually much less that its previous sale.
We can help you find the right REO property in the Miami area, just contact us or call one of our REO specialists.
