Troy Olson
Your Frisco, Texas Real Estate Expert
Take Advantage Of The Best Home Prices In Years!
Contact Info
Tel: (972) 804-8803
Fax: (214) 276-7560
Dir: (972) 804-8803
Send eMail
Bank Owned (REO) Properties
REO (real estate owned) properties are those that have reverted back to bank ownership after an unsuccessful foreclosure auction. The bank will handle the eviction (if necessary), negotiate with the IRS for removal of tax liens, and pay off any homeowner’s association dues. REO property buyers will receive a title insurance policy as well as the opportunity to investigate the property, although most REO properties will be sold in "as is" condition.
While REO properties can offer some incredible buying opportunities, it is important to remember that REO properties may not quite stack up to the mythical "deals of the century" as presented on late night television. In fact, not every REO property is a good investment, so it is absolutely critical that you do your homework before making an offer. With years of experience in this field, I can help you to navigate through the REO property buying experience, and ensure that you find a property that will accommodate all of your needs.
Foreclosed Properties
Today, foreclosure is a big issue in the real estate market. So, what exactly does foreclosure mean? Suppose you have taken a loan from your bank and then secured it against your home. You had been making regular repayments, but at some point fail to make a particular repayment on time, and this failure to pay keeps recurring over a period of time. In such a situation, the bank or some other financial institution from whom you have taken the loan may forfeit your home legally. Your home is then sold to make up for their loss. It is important to be aware that buying property in foreclosure can be a risky venture. Most foreclosed properties are sold "as is," and there can be problems not only with the structure, but there may also be liens on the property, unpaid taxes, and other problems to deal with. If you are not experienced in real estate, you should be very cautious before getting involved with purchasing foreclosed properties. That being said, buying foreclosed properties can be very rewarding and profitable if you are careful and thorough, and I would enjoy the opportunity to assist you through the process in order to ensure that you make the right decisions and complete a successful transaction.
Short Sale Properties
A short sale is a situation where a property seller needs to sell and the sale proceeds are not sufficient to pay off the existing mortgage. It is an alternative to foreclosure. The term short sale refers to a process whereby the mortgage company must agree to a reduced payoff in order for the sale to take place. All sale costs must be included and the seller receives nothing, except debt relief and not having a foreclosure on their credit record.
Unfortunately, the fact that many parties may become involved in this type of transaction can make it more difficult than a standard home purchase, and closing this type of deal can take far longer than expected. If approached properly however, a short sale can offer an excellent buying opportunity. Let me be your guide through the process to ensure that you get exactly what you are expecting, and in a timely fashion.
Please fill out the form below, or call me at (972) 804-8803 for more information on bank owned, foreclosed, and short sale property opportunities in Frisco and the surrounding areas.
Unfortunately, the fact that many parties may become involved in this type of transaction can make it more difficult than a standard home purchase, and closing this type of deal can take far longer than expected. If approached properly however, a short sale can offer an excellent buying opportunity. Let me be your guide through the process to ensure that you get exactly what you are expecting, and in a timely fashion.
Please fill out the form below, or call me at (972) 804-8803 for more information on bank owned, foreclosed, and short sale property opportunities in Frisco and the surrounding areas.
- CENTURY 21 Judge Fite Company - Frisco at The Shops at Starwood
- 6959 Lebanon Road Suite 201
- Frisco, TX 75034
- Tel: (972) 804-8803
- Fax: (214) 276-7560
- Dir: (972) 804-8803
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