South Florida Real Estate
REO - Bank Owned Properties

Contact me for South Florida REO real estate brokerage in Broward County, Palm Beach County, Weston, Plantation, Davie, and Miramar.

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Keith Owen Fleischer and his team at the Keith Owen REO Collection handle REO exclusively. As a second generation South Floridian he has been working with foreclosure and REO real estate for close to twenty years.

Asset Managers!  Wouldn't it feel good to have absolute confidence in your agent, to know that they have got you covered no matter how messy it can get? To have an agent that takes care of problems before they become nightmares and knows how move your assets? With 20 years in this real estate specialty Keith and his team are no Johnny come lately, they will get the job done and make your life so much easier in the process.

Buyers and Investors! No Muss, No fuss! We deal directly with the bank sellers. We can get the deals done. These asset managers are working with us to sell properties. Through open communication we can often get deals done that are otherwise lost. Sign up for our regular updated list of new and price changed REO properties.

Homeowners Get Foreclosure Help! For residents facing foreclosure, trying to get ahold of anyone who can help can be a daunting task.
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South Florida's residential and commercial real estate markets suffered in 2008, and the new year doesn't figure to offer much relief. Commercial property forclosures expected to be next wave in recession!
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House prices still falling in Broward and Palm Beach Counties. Sales of existing homes increased 26 percent in Broward last month, to 507 from 401 a year ago, the Florida Association of Realtors said Tuesday. The median price plummeted 34 percent, to $229,100 from $348,100 last year.
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Buyers losing interest in home foreclosures in U.S. At a time when foreclosures continue to mount, there's less of an appetite to buy these distressed homes.
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An REO (Real Estate Owned) is a property that goes back to the mortgage company after an unsuccessful foreclosure auction. You see, most foreclosure auctions do not even result in bids. After all, if there was enough equity in the property to satisfy the loan, the owner would have probably sold the property and paid off the bank. That is why the property ends up at a foreclosure or trustee sale.

Foreclosure sales begin with a minimum bid that includes the loan balance, any accrued interest, plus attorney's fees and any costs association with the foreclosure process. In order to bid at a foreclosure auction, you must have a cashier's check in your hand for the full amount of your bid. If you are the successful bidder, you receive the property in "as is" condition, which may include someone still living in the property. There may also be other liens against the property.

Since what is owed to the bank is almost always more than what the property is worth, very few foreclosure auctions result in a successful sale. Then the property "reverts" to the bank. It becomes an REO, or "real estate owned" property.

Interested in Buying Bank Owned Properties

A bank owned property might not be a great bargain. Do your homework before making an offer. Make sure that the price you pay (if youre successful) is comparable to other homes in the neighborhood. Consider the costs of renovation, including time to complete them. Dont get caught up in a bidding war and pay over market value. Its an old myth that foreclosures are a bargain.

Before making an offer, there are a few things you should pay attention to:

• Are there any inspection reports?
• What work has the bank agreed to?
• Is there a special "as is" form?
• How long does it take the bank to accept an offer?
• How does your agent deliver the offer?