Wellington REOs | Bank Owned | Foreclosures
What is a Wellington REO? Have you heard that term around real estate circles, discussions at family events or your business networking events?
REO is: REAL ESTATE OWNED
This is a term that lenders, banks and other companies use when their assets are real estate. When a bank or other company forecloses on a home, condo, townhome, land or other real estate that entity becomes the owner of those assets. They call that their REO or Real Estate Owned assets.
Bank Owned is: bank owned properties is just what it seems. The bank has foreclosed on a property and is now the owner of the property. When they put that property on the market for sale they call that, BANK OWNED. When you are looking for a property that the bank is selling you are looking for bank owned properties.
That is different than a Wellington Short Sale which is defined here.
Foreclosures: The term “Foreclosure” itself is not a correct term in the form that many people use the word. Many people say they want to buy a foreclosure. It is not a foreclosure they want to buy. They want to buy a bank owned property ( REO) . However, most of the time when you hear the word “Foreclosure”, it is bank owned that is being referred to. “Foreclosure” is defined as the legal process by which a lender takes away the title to a property from the owner of the property.
Currently there are ONLY TEN Bank Owned properties for sale in Wellington or Wellington REOs.
Most of these bank owned properties will be sold to ALL CASH buyers who win in the highest and best offer phase of negotiations on offers presented to the lender. In Wellington you are not going to be the accepted bid on a Wellington REO with a low ball offer or even a list price offer. This most definitely is not a buyers market in this section of the market. The banks are NOT putting their properties back on the market in most cases right after they foreclose. In Wellington few homes are owned by the banks.
The best way to win a bid on your favorite bank owned home is to make your highest and best offer with no contingencies. If this is not something you want to do than perhaps looking for a home that is listed as a short sale in Wellington would be a better option for you.
Katerina Gasset is the author of http://www.wellingtonfloridashortsales.com. Katerina Gasset is the homeschool mother of 9 children and wife to Nestor Gasset. Katerina Gasset is also a writer, author, speaker, Realtor®, SEO coach, blogging coach and business entrepreneur and consultant.