For those of you that might now know what REO stands for, it's Real Estate Owned. It is a line item on a banks books that is a BAD thing for the bank. They aren't in the business of OWNING homes, they are in the business of LENDING MONEY. An REO property is a bad thing for the bank but a good thing for a home buyer! I like dealing with REO properties a LOT more than short sales! The preliminary work has all been done. The foreclosure is over, the negotiations are over, there are no "people" involved (as in home owners) and it's just a "business deal". The emotions are gone, the sadness is gone and it just comes down to the calculator! I like that! I get caught up in all of my short sales. I tend to take on the worries of my sellers. I want so desperately to help them, and more often than not, I can't. The lenders just take too long to decide on whether or not they'll take offers. The process takes so long, the home usually ends up in foreclosure....
A place to find out what's REALLY going on in the Northeast Florida area real estate market.