Bank Owned REO's In High Demand!

As foreclosures move through the process and the banks finally take possession, the bank listing is referred to as REO or "Real Estate Owned". The bank will try to sell the property on the open market after removing liens. However, these lenders are not in the business of owning homes and, in some cases, the house can be bought at a discount to its market value... making it very attractive to real estate investors.

The REO activity is really heating up along the beaches of Tampa Bay, Florida! There are only 13 active currently in all of the beach communities from Clearwater Beach in the north to St. Pete Beach in the south. The average price is $183,546.

25 are currently under contract pending closing with an average list price of $271,453 and average days on the market of 53 (ranging from 3 to 81). To date in 2012, 28 have sold at an average price of $246,211 and an average of 98.53% of asking price! The average days on the market for the sold properties is 57 days from list to close.

So... how is a buyer to get on track with finding these properties BEFORE the competition gets to it? Knowing the path they are coming from and having a savvy realtor on the lookout for you is the best route. Currently, The PURTEE Team has 5 such REO properties about to hit the market. They are in various stages of the process with the bank... some without prices yet. If you are on the inside track, you may have an opportunity to pick up one of these properties before the public ever finds out about it! Do NOT be left out of this important part of the current real estate market where some of the most outstanding opportunities exist today. Email us at info@floridagulfproperty.com to find out if one of these upcoming REO's might be right for you!