Short Sales & Bank Owned Properties
Consult Management Group 1 for all of your short sale and bank owned property needs. If you are an investor, buyer or real estate broker, this is the perfect time to buy foreclosures Florida. Florida’s current foreclosure rate is still at its all-time high, creating more and more opportunities for buyers, real estate agents and investors. Lenders who already have quite a number of these Florida foreclosures are accepting short sale offers from owners facing foreclosure.

A short sale occurs when a homeowner is in foreclosure but before the property goes to public auction. Under a short sale, a lender must agree to accept less than the amount that is owed on the property.

Bank-owned properties are called REOs, meaning real estate owned by the lender. Buying an REO is similar to buying a short sale except the lender already owns the property, acquired through a foreclosure action.

Banks end up owning the property when nobody at the public auction bid enough to cover the amount owed against the property. REO homes are often considered the best way to buy a distressed property because the seller is already out of the picture. It's just the investor, the investor's agent, the bank and the bank's agent who are negotiating the transaction. Some REOs can be purchased directly from the lender.