{"id":1280,"date":"2020-05-21T18:02:04","date_gmt":"2020-05-21T18:02:04","guid":{"rendered":"https:\/\/flareglobal.com\/clearwater-real-estate\/?page_id=1280"},"modified":"2021-03-04T20:37:51","modified_gmt":"2021-03-04T20:37:51","slug":"real-estate-agents-faq-questions-about-foreclosures","status":"publish","type":"page","link":"https:\/\/flareglobal.com\/clearwater-real-estate\/reo-foreclosures\/real-estate-agents-faq-questions-about-foreclosures\/","title":{"rendered":"Real Estate Agents FAQ Questions About Foreclosures"},"content":{"rendered":"
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    FREQUIENTLY ASKED QUESTIONS<\/h1>\n

    REO - FORECLOSED HOMES<\/h1>\n
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      REAL ESTATE AGENTS<\/span><\/h2>\n

      FAQ: Frequently Asked Questions about Foreclosures?<\/h3>\n

      Q: What does \"REO\" mean?<\/span><\/strong><\/h3>\n

      A: Real Estate Owned. It's the term the banks use to identify their foreclosure properties.<\/p>\n

      Q: What is \"Foreclosure\"?<\/strong><\/span><\/h3>\n

      A: A procedure whereby property pledged as security for a debt is sold to pay the debt in event of default in payments or terms. If a homeowner with a mortgage on their property cannot make payments on that loan, then the lender will file a lawsuit to take back the property for non-payment of the loan. This action is called foreclosure.<\/p>\n

      Q: How is a HUD property different from any other foreclosure?<\/span><\/strong><\/h3>\n

      A: HUD homes are FHA-insured loan foreclosures. When someone with a HUD insured mortgage can't meet the payments, the lender forecloses on the home; HUD pays the lender what is owed; and HUD takes ownership of the home. Then it is sold at market value as quickly as possible.<\/p>\n

      Q: How are foreclosure properties identified on the MLS?<\/strong><\/span><\/h3>\n

      A: They are listed just like any other property, however, may have limited information. The best way to find them is by working with a real estate agent who specializes in this kind of home, or by searching the web.<\/p>\n

      Q: Doesn't the amount owed on the property determine what the bank will sell it for? Won't the banks sell them for less?<\/span><\/strong><\/h3>\n

      A: No. When negotiating with an asset manager at a bank for the purchase of a foreclosure, keep in mind that this is a professional seller. A good asset manager will order appraisals and hire an agent to advise them about the property's condition and value. Then they price them accordingly.<\/p>\n

      Q: Will the banks repair the properties that are distressed?<\/strong><\/span><\/h3>\n

      A: Sometimes. The asset manager in charge of the property will confer with his broker prior to listing it to determine if it is a good candidate for repair or rehab. He will then proceed with a marketing strategy - either \"as-is\" or \"repaired\". Repairs are cosmetic, paint, carpet, re-grouting of tile, replace a torn screen, a cracked window or a mirror in which the silver backing is coming off, and reconditioning of appliances.<\/p>\n

      Q: How are negotiations handled? <\/strong><\/span><\/h3>\n

      A: Once you have determined you wish to make an offer on a bank owned home, you instruct a professional real estate agent experience in Bank Owned Properties to write the offer. The offer is then presented to the Bank Seller. The Bank Seller will give him a verbal acceptance, counteroffer or rejection. All negotiations are conducted verbally until a final agreement is reached between you and the Bank seller. Once that agreement is reached either the original contract offer is amended, or a new contract is prepared containing the agreed upon terms.<\/p>\n

       <\/p>\n

      \"Denny Stone Treats your REO Properties as If They Were Her Own!\"<\/h4>\n


      \nContact us anytime with confidence for a confidential, no-obligation consultation.<\/span>
      \nDenny Stone would love to be your Real Estate Professional.<\/span><\/strong><\/h3>\n

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      FREQUIENTLY ASKED QUESTIONS REO – FORECLOSED HOMES MOBILE CALL NOW VIRTUAL APP’T REAL ESTATE AGENTS FAQ: Frequently Asked Questions about Foreclosures? Q: What does “REO” mean? A: Real Estate Owned. It’s the term the banks use to identify their foreclosure … Read More<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"parent":1189,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"kt_blocks_editor_width":"","footnotes":""},"class_list":["post-1280","page","type-page","status-publish","hentry"],"_links":{"self":[{"href":"https:\/\/flareglobal.com\/clearwater-real-estate\/wp-json\/wp\/v2\/pages\/1280","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/flareglobal.com\/clearwater-real-estate\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/flareglobal.com\/clearwater-real-estate\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/flareglobal.com\/clearwater-real-estate\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/flareglobal.com\/clearwater-real-estate\/wp-json\/wp\/v2\/comments?post=1280"}],"version-history":[{"count":0,"href":"https:\/\/flareglobal.com\/clearwater-real-estate\/wp-json\/wp\/v2\/pages\/1280\/revisions"}],"up":[{"embeddable":true,"href":"https:\/\/flareglobal.com\/clearwater-real-estate\/wp-json\/wp\/v2\/pages\/1189"}],"wp:attachment":[{"href":"https:\/\/flareglobal.com\/clearwater-real-estate\/wp-json\/wp\/v2\/media?parent=1280"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}