February 2008 Monthly Archive
February 27, 2008 | Comments: 1
Does REO really mean Real Estate Owned? Bank realestate owned properties are hot prospects.
REO is the latest buzz word in today's real estate industry. REO stands for Real Estate Owned; meaning the property is owned by the bank. Before property reverts to the bank, an attempt must be made to sell it through a real estate foreclosure auction. This is an important fact to keep in mind.
Many people think REO properties are dirt cheap, but this is rarely the case. Realize that foreclosure homes have no equity and an inflated mortgage. In other words, more money is owed on the note than the house is worth. This is the main reason they don't sell at auction.
February 25, 2008
Be Nice to the Bank Loss Mitigator!
A Loss Mitigator is an individual who helps homeowners stop foreclosure. Loss mitigators either work directly for the Loss Mitigation Department of a bank or lending institution, as a representative for the lien holder, or an independent agent who works strictly for the best interests of the homeowner.
The main function of a Loss Mitigator is to devise a plan that will allow the homeowner to remain in their home. One of the most common options Loss Mitigators present to homeowners is known as Loan Modification. This type of arrangement allows the homeowner to make partial payments for past due payments and extends the loan terms.
Real Estate Investing article on "Be Nice to the Bank Loss Mitigator!"
February 20, 2008
Florida Real Estate
Florida real estate is some of the most highly sought-after real estate on the market. It's no wonder. Known as the Sunshine State, Florida offers more than 1100 miles of coastline, 660 miles of beaches and an abundance of outdoor recreation opportunities; particularly golf.
Much of the real estate available in Florida is situated in exclusive gated golf communities. North Florida boasts nine exquisite golf communities including Amelia Island Plantation located on Amelia Island; Augustine Island of Palencia, Legacy Trail and World Golf Village located in historic St. Augustine; and five golf communities in Palm Coast.
Real Estate Investing article on "Florida Real Estate"
February 13, 2008
Heirs understanding the transfer of the estate.
The word 'heir' dates back to the 13th century and is derived from the Latin words, hered and heres. These two words are related to the Greek word, chēros, meaning 'bereaved' or 'suffering the death of a loved one'.
Heir can be used to describe a person who either inherits property or is entitled to inherit property. It is also used to describe a person who is entitled to fulfill a specific role, such as an heir to a business or estate. Last, but not least, heir describes an individual who receives a gift or donation or particular quality from a parent or ancestor.
February 09, 2008
REO Properties
REO properties include real estate which is owned by the bank. Properties can include single-dwelling homes, multi-family dwellings such as duplexes or apartment buildings, commercial property, farms and vacant land.
A common misconception is REO properties are sold for pennies on the dollar. This is typically not the case. Banks want to recoup their losses and at least break even on their investment. Therefore, most REO properties are sold for the amount due on the note. Currently, few banks accept less than ninety-five cents on the dollar. However, as foreclosure rates continue to escalate, banks will be forced to accept lower amounts in order to liquidate their inventory.
