REO Bargains in West Palm Beach Take Thorough Assessment

By
Mortgage and Lending with The Christian Penner Mortgage Team NMLS# 368289

 

 

REOWest Palm Beach REO bargains can’t help but catch your eye when you’re searching through the latest residential offerings. Whether you are a future homeowner or an investor looking for an opportunity that makes financial sense, bargain basement prices are hard to skip past.

West Palm Beach REO homes (the “REO” is Real Estate Owned, meaning bank-owned) are still being offered at relatively low prices — sometimes, remarkably low prices. But like skilled investors in any realm, successful REO buyers make sure they know why those prices are where they are. In the REO world, the standout factor is this: buying REO means cutting out a proud owner who cares, instead dealing with a bank that wants to sell. It’s a personal pride deficit that inevitably translates to the bottom line. So finding winning REO opportunities in West Palm Beach means hard headed assessment of the minuses as well as the plusses.

For sure, banks are not in the business of losing money. They may not wish to remain landlords, but they have an asset on their books, and want to get the most for it. They are looking at West Palm Beach’s real estate market, too; when we see the direction that prices are heading, they do, too. If their cost of holding onto an asset is less than it was last year, a standout bargain basement price is almost certainly condition-based. Unlike owner-owned offerings, banks have no interest in perfecting a home prior to sale. More importantly, they have fewer mandatory disclosure obligations. Ca-ching!

My clients know that’s why they must be able to secure a thorough inspection by a proven West Palm Beach inspector. Only after they are able to estimate how much budget will be needed to bring a property up to snuff will the complete size of the investment be clear.

And then they need another quality that distinguishes a successful West Palm Beach REO investor: patience. We are dealing with a bank. Enough said.

The overall market may have picked up considerably, yet I can point you to deals that are still to be had in the REO realm. Give me a call to discuss today’s inventory!

 

 

 


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REO Bargains in West Palm Beach Take Thorough Assessment

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Topic:
ActiveRain Community
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Florida Palm Beach County West Palm Beach
Groups:
All About Mortgages/Mortgage Networking
Mortgage Professionals
The FHA Mortgage Group
Christian Mortgage and Real Estate Professionals
LOAN OFFICERS WHO AREA SERIOUS ABOUT MAKING MORE MONEY
Tags:
disclosure
reo
west palm beach
real estate owned
reo buyers
west palm beach reo bargains
west palm beachs real estate market

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