REO - Bank Owned Property

Buying Short Sales of bank owned properties known as REOs.
https://sites.google.com/a/afc-pa.com/afclaw/reo---bank-owned-property/House%20-%20Magnified.jpg
It is no longer easy to find these "deals" in South Florida, and the rest of Florida is not that hot either.

Flipping has become amature hour and too many cooks, as usual, have spoiled the soup. From Flipper that take short cuts to the ones that over pay and drive prices up to the point where fixing the property up is no longer really worth the risk. Flipping shows have only really helped the banks (selling REO's at higher prices) and the "real estate flipping gurus" out there; that sell people the "how to" programs, along with a bunch of hype, that more often than not cost them their lives savings.

I am not saying that there are no "deals" left out there, but you can no longer just buy a Short Sale and REO or a distressed property at a price where adding ten or twenty thousand will give you a decent return on your investment, considering all the risks involved. Bank REO can be negotiated, contrary to most people's belief, but the bidding prices are so high that ending up with a finished property that will sell at a significant profit has become much more a matter of luck than skill.
Most REO properties today are so full of hidden legal issues on top of having a bad roof or floors etc. that buying them using the REO Bank's title agent will only get you a load of trouble. Even if you have to pay a little more, it could save you 10s of thousands to choose your own title agent, even better if that closing agent happens to be an attorney.

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