Buying Bank Owned Properties in Central Florida. Or NOT!!

Florida real estate broker 407-873-2747

Typical REO in my area.

Hi folks, I have to say that my job right now sure is a lot harder than it needs to be. With over 85% of the closings in my area being either banked owned properties (REOs) or short sales it has never been more difficult to get a simple real estate deal to closing. Someone, please tell the Banks that selling real estate is NOT brain surgery!!! 

It works like this: 

  • You have a property you want sold.
  • You list it “for sale”.
  • A Buyer comes along wanting to buy.
  • A deal is negotiated.
  • Then all parties proceed towards closing. 

Simple. In fact it’s so simple a caveman could do it, unless…..the Seller is a bank. Then we have to do things like this…. 

To whom it may concern, 

After numerous attempts to sort out major inspection issues and after having sent over several different addendum, with possible solutions that have been ignored, the Buyer is now canceling the contract as per the inspection clause of the contract. Please sign the attached cancellation addendum and send it back to me as soon as possible. 

Please accept this email as notice that if we do not have a response by 19 December we will consider that as an acceptance of the cancellation and will release the escrow deposit to the Buyer as per the contract. 

If and when Countrywide decides they would actually like to sell this property my cash Buyer may still  be interested, at a much lower price that would reflect current market conditions. In a declining market “time is of the essence”. 

Thank you in advance for your prompt attention to this matter. 

I doubt I’ll hear back from the lender. Too bad…….for them. I’ll just take my cash Buyer elsewhere. So how are things in your neck of the woods?  

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