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Wednesday, May 28, 2008

Bank Owned REO in Key West

REO stands for real estate owned by banks acquired through foreclosure or debt forgiveness. Some banks refer to it as OREO standing for other real estate owned (as in not in the operation of the banking enterprise such as bank building, service center, satellite operation, etc.).

I just completed a manual search of our mls records for bank owned single family homes in Key West. I think that the list may not be complete because some lenders may not necessarily be taking title to new REO in the bank's name. The list does not contain condos or town homes or any other real property. The properties are listed below by street address. Prospective buyers should consider buying one of these properties because they are likely priced at the real current market value and not at some inflated wishful thinking price. When banks foreclose they are required to substantiate the value they put on a foreclosed asset, and that is usually accomplished by having a recent appraisal.

The question arises if the bank owner has the property listed at appraised value, will the bank negotiate on price. The answer is yes. And no. Banks generally will not counter a written offer with a statement of what the bank will accept. Rather, they will tell the buyer to come back with his best and final offer. If there are more than two offers on the same property, the bank will play the offers against each other trying to up the purchase price. The bank may stonewall waiting for better offers rather than accepting a low-ball offer.

Banks must sell the REO. They asset managers look at real deals that can be closed. I advise clients to offer clean deals with very few contingencies (inspection, survey, and title). I urge buyers to offer all cash and make a quick close. The cleaner the offer, the more likely it may get accepted.

Here's the list. Take a look. If you see something you like please call me, Gary Thomas, 305-766-2642 or e-mail me at CLICK the street address below for detailed info and photos.

304 Julia Street with pool.

1116 Eaton Old Town with pool.

408 Grinnell Street - a beautiful new home in Old Town.

Windsor Lane rehab

1310 Olivia Street in the Meadows with pool.

1730 Johnson Street mid town with "pool".

2005 Fogarty mid town.

1609 Josephine Street mid town partially re-done.
1713 Johnson Street -- midtown

910 United Street -- Needs redone, huge lot.

309 Julia -- not a typo, across street from the huge house up above.

518 William Street -- Heart of Old Town and a Great Block!

1419 Atlantic Blvd - a condo that really needs some luvin!

34 Kingfisher Lane -- Key West Golf Club --Bank financing available.

1 Coral Way Stock Island - new town home with pool

3711 Duck Avenue

The properties below are not listed in our mls but they are bank owned and available for purchase. Contact Gary Thomas for more info:

Flagler Aveune 3/3, $514,900

Elizabeth Street 5/2 apartments $$548,900

Duck Avenue 4/2 townhome $287,900

Eagle Avenue 2/1.5 $177,900

Bay Drive Saddlebunch Key on water 2/2 $698,900

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The information on this site is for discussion purposes only. Under no circumstances does this information constitute a recommendation to buy or sell securities, assets, real estate, or otherwise. Information has not been verified, is not guaranteed, and is subject to change.


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Key West, Florida, United States
I first read about Key West in a magazine called "After Dark" sometime in the mid 1970's. But it wasn't until March 1984 that I made my first visit to the island that would become my home. I had two weeks for a vacation and reserved a room at Colours Guesthouse (now Marrero's Guest House) for one week. I thought that if I didn't like Key West, I could always go back to Miami or Ft. Lauderdale for the rest of my trip. But after a couple of days in Key West, that was no longer a consideration. But when I wanted to extend my stay for the extra week I found there was no room at the inn. The guesthouse owner did find me a room at LaTeDa, the infamous guesthouse/restaurant. That's a story I'll write another day. But those two weeks in Key West gave me the realization that I had found Paradise. Key West has been my home since 1993 and my only regret is that it took me so long to get here. I am a full time Realtor at Preferred Properties CRI. Let me help you find your new home or business in Paradise. Living in Paradise is not a slogan, it's a way of life.