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Market value numbers below are estimates only and are based on our research. Please do your own due diligence before purchasing any of these properties and ensure that you work with a reputable Realtor. It is possible today's property may no longer be available as well-priced bank owned real estate (REO) is often snatched up quickly by investors.

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Boca Raton Population:  95,000    |   Cost of Living: 32% Above U.S. Average    |   Crime Rate:  Below U.S. Average

 

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Today's Bargain: Single Family Home

5168 NW 26th Cir, Boca Raton, FL 33496

2 bedrooms, 2 baths, 1,940 sq. ft., built in 1992

Current Price: $150,000    Web Site

Current Market Value Estimate: $202,798

Taxes: $2,018 (2017) | HOA: Maybe

Last sold for $225,000 in 1999

Gorgeous home with marble floors, etched glass double doors, expansive windows, tall ceilings, tropical backyard

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Florida Stats:

Population - 20,612,439

Persons 65 years old and over - 19%

High school graduates, persons age 25+ - 87%

Bachelor's degree or higher, persons age 25+ - 26%

Persons of Hispanic or Latino origin - 24%

White persons, not Hispanic - 55%

Median household income - $46,596

Social Security taxed? No

Source: U.S. Census Bureau

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Why Should You Buy an REO?

Real Estate Owned properties (REOs) are a bit different than foreclosure properties. For REOs, banks buy the property at auction and sell the property via a Realtor on the MLS. REOs can be a great deal for quite a few reasons.

If you are looking to buy an REO, there are some distinct advantages such as: being able to buy on your schedule, inspecting the property before final purchase, and taking your time to obtain lender financing as with a "normal real estate transaction". In addition, the bank is not in the market to own property and would like to offload the property as soon as possible.

Most times the bank or lender will list the property for sale at a much lower price to drive multiple bidders to the table and then reply to all bidders for the "highest and best" offer to drive up pricing. Being able to price the home correctly on the first bid is crucial to avoiding the bidding wars and obtaining a good price. The bank is losing money each month due to the mortgage, HOA fees, property taxes and the degradation of the landscaping of the home.

The best thing about REOs is that you're buying a home that can be seen, that you can walk through and inspect. You can make an offer which includes the cost of fixing up the property.

There are REO homes that should not be purchased. Is the property too badly damaged? How much will it cost to fix it up and sell it? Is the property in a desirable part of town? Is the location good? How many other foreclosure lots are in that neighborhood? You need to evaluate these questions and determine what is the true value of the REO home you are interested in.

Generally, REOs can be a great investment as long as the buyer knows what he is getting into.

~Susan Suarez is the creator of websites geared towards informing consumers of Real Estate Foreclosures. Source: Ezines.

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