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Text Box: Bank Owned Property (OREO) Search and Acquisition Facilitation
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The Burgos Group

2665 South Bayshore Drive

Suite 220

Miami Florida  33133

 

Phone:  (786) 208-1710

Fax:  (305) 856-1710

Email:  Webmaster@TheBurgosGroup.Com

 

Copyright © 2012 The Burgos Group, Inc

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The Burgos Group

BUSINESS & FINANCIAL CONSULTANTS

Text Box: Bank Owned Properties (OREO) Search and Acquisition Facilitation Services

Bank OREO (Other Real Estate Owned) properties, commonly referred to as bank foreclosures, are homes and commercial properties that are bank-owned.  After borrowers default on their home mortgage loans, lenders must buy back the properties at auctions to recover their losses.

An REO (Real Estate Owned) is a property that goes back to the mortgage company after an unsuccessful foreclosure auction. This is because most foreclosure auctions do not even result in bids.  All things considered, if there was enough equity in the property to satisfy the loan, the owner would have probably sold the property and paid off the bank.  This is why the property ends up at a foreclosure or trustee sale.

Foreclosure sales begin with a minimum bid that includes the loan balance, any accrued interest, plus attorney's fees and any costs association with the foreclosure process, in addition to any real estate taxes accrued.  Since what is owed to the bank is almost always more than what the property is worth, very few foreclosure auctions result in a successful sale.  Then the property "reverts" to the bank.  It becomes an REO, or "real estate owned" property.

Essentially, there are three different stages at which you can buy a foreclosure property.
Investors and homebuyers can purchase a foreclosure property in the first phase of default — before a foreclosure auction takes place.
Secondly, investors can purchase a property in at the public foreclosure auction.
And finally, a foreclosure property can be purchased from the bank or lending institution if no one bids at the public sale and the bank repossesses the property.

Once a property is repossessed by a bank or lender, the property will probably be listed for sale through a real estate agent. Good buys are available, but they require research, preparation, patience and persistence. Buying a bank-owned home in foreclosure isn't easy, and it's hardly without risk.

Obtaining REO properties is a great way to get a bargain on a new home or investment property.  Find below-market priced commercial and residential properties.  Before considering plunging into the foreclosure market, be sure to do some in-depth research.  Begin by contacting The Burgos Group.  We have the financial expertise and the market resources available to guide you through the entire process through our strategic alliances established with Financial Institutions and Real Estate Brokers to help you maximize your investment.  We have access to thousands of commercial and residential real estate properties.

Bank Owned Properties (OREO) Disclaimer
 

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The Burgos Group web site may contain links to other web sites operated by third parties. The linked sites are not under the control of The Burgos Group or its affiliates or subsidiaries and The Burgos Group is not responsible for their content. Such links do not imply The Burgos Group's endorsement or guarantee of the products, information, or recommendations provided by any third party site. The third party site may have a privacy policy different from that of The Burgos Group and may provide less security than The Burgos Group web site. The Burgos Group disclaims all liability with regard to your access to such linked web sites. The Burgos Group provides links to other sites as a service to users, and access to any other sites linked to The Burgos Group is at your own risk.

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Text Box: In today’s economic environment, Financial institutions have become overwhelmed with the number of properties they have become forced to foreclose upon and take direct ownership.  We facilitate the process of matching Banks with OREO properties with potential buyers of Commercial and Residential Real Estate.  Clients on both sides of the transaction benefit immensely.

This website was last updated

Tuesday, October 04, 2011