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Tampa Bank Owned Homes or REOs

Real estate owned (REO) or bank-owned properties are the type of properties that banks have taken back through foreclosure proceedings.

These bank-repossessed homes (bank repos) sit in the bank's inventory, eager to be sold. 

The bank will try to list the property with a real estate agent in order to get a qualified buyer so that both can get the best possible price in the quickest time.

Since banks are not in a position to keep real estate inventories, they try to dispose off these properties as quickly as they can by offering it a very much discounted rate. Usually very much lower than market price.

REO properties are often, but not always, in terrible condition.

The previous owners were probably not able to take care of routine repairs or maintenance that quickly call attention to bigger problems with the home.

The property could be vacant, damaged and definitely not the most desirable place on the market.

There are many buyers that will turn around and walk away once they find out that the property is in bad shape, so this is why many first time buyers are attracted to these properties.

First time buyers can get a good price and spend time fixing up the property themselves.

Many buyers will try to negotiate the price of an REO, but even though lenders are looking to cut their losses, the still want to get the best price that they possibly can out of the property.

It is easier for a lender to sell a property since there is no emotional attachment, so they will often sell the home to the best qualified buyer at what they think is a fair price.

It is often more difficult to qualify for an REO property than for a typical home. This is because requirements on financing are stricter.

Most lenders are not looking for buyers who make an offer on the contingent sale of the their home, because this option would end up costing the lenders money.