Are REO properties a bargain in Pinellas County?
It is frequently thought that any foreclosure must be a bargain and a chance for guaranteed profit. This frequently isn’t true. You have to be very careful about buying a repossession if your intent is to make money off of it. Even though the bank is often anxious to sell it soon, they are also motivated to minimize any losses. Look closely at the listing and sales prices of competing homes in the neighborhood when making an offer on an REO. And factor in any repairs or upgrades necessary to prepare the house for resale or moving in. There are bargains with potential to make money, and many people do very well buying foreclosures. Still there are also many REOs that are not good buys and may not be money makers. All set to make an offer? Most mortgage companies have staff dedicated to REO that you’ll work with when buying REO property from them. To get their properties advertised on the local MLS, the lender will typically use a listing agent. Before making your offer, you’ll want to c
