Avista Realty Advisors

AMERICA'S HOTTEST

INVESTMENT & COMMERCIAL

REAL ESTATE DEALS!

We have actively been assisting investors and home owners buy bank owned homes in the Greater Tampa Bay Florida Area at large discounts! Prices range, but we are closing deals as low as 30 and 40 cents on the dollar, or in dollar terms, starting in the low to mid $30,000's!

These are NOT bulk purchases! These are true bank owned homes, that are available to purchase 1 by 1. Sorry folks, if your looking for bulk deals, good luck! We have not seen the banks willing or able to do such transactions in a long time! Please see our Frequently Asked Questions below.

1. What are Bank Owned Homes (REO's)?

REO stands for "Real Estate Owned". It is the term that banks and financial institutions use for assets that they own (I.E. Foreclosed homes, condos, townhomes). Thus, Bank owned homes are all the properties that they have taken back from borrowers that could not pay their loans.

2. What areas can your company get Bank Owned Homes?

We currently have access to homes in the Greater Tampa Bay Florida Area. This includes Tampa, Clearwater, St. Petersburg, and surrounding cities. This is the counties of Hillsborough, Pineallas, and Pasco. We also have access to properties in the Orlando Metro Area at certain times, please check with us for availability if you are interested in Orlando.

We are also working on starting up this same opportunity in the San Francisco area. Our northern California office is in the process of getting everything together as we speak. Please check back for updates of when REO homes in this area will be available through our company.

3. What types of homes can I buy?

Banks currently have Single Family Homes, Condominiums, townhomes, multi-family homes (duplexes, triplexes, ect..), mobile/modular homes, vacant land, and a limited number of commercial properties.

4. How much do the homes cost?

This depends on the specific area you want to buy in. Currently, we are seeing homes come on the market in the $30,000's for some areas of town. You can expect that you can purchase homes at 40-65% off market value, and higher in some areas. For example, areas where the current market value is around $100,000, we are seeing people purchase these homes for between $30,000 and $50,000. For areas where the current market value is between $300,000 and $350,000, we are seeing people purchase these homes for between $175,000 and $200,000. These are examples, and each day is different depending on the current inventory, and how long a specific home has been on the market.

5. Will the bank negotiate the price, or do I have to pay what they are asking?

Banks will negotiate. We have experience in dealing with this, and will be able to assist you through the process as to not waste your time or the banks.

6. What condition will the home be in?

This differs with each home. From our experience, the lower priced homes typically need more rehab work done before they are move-in ready. On the average, we see that homes will need somewhere between $5000 and $20,000 in rehab or repairs before they can be lived in. However, as mentioned, each home is different, and not all homes need any rehab at all. If you are planning on renting Section-8, you will most likely have to do a few things to bring a home up to their standard codes. We strongly recommend that you have a professional inspector or contractor review the home before purchasing. **Please note, Banks do not allow you a traditional inspection period. Thus, this means that you need have inspected the home prior to making an offer.

7. Do I have to pay your company commission?

No. Our company's commission is paid by the Seller (bank or financial institution) that is selling the home. There is a $250 transaction fee that is charged to you at closing. This is only charged if you actually close on a property, if the closing does not happen, you are not responsible for the transaction fee.. There are NO up front fees. If you purchase more than 5 homes in a 12 month period, we waive the $250 fee.

8. Do I have to pay your company to find out what homes are currently available? Do you provide lists? How do I see what is available?

No, you do not have to pay us anything to find out what homes are currently available. However, we do not provide blanket lists. After speaking with you we will provide you with the available properties based on your selection criteria (price, location, condition, ect...) Do to to over whelming request, and the fact that we hand create the lists based on your needs, we do require you to sign a Confidentiality Agreement/Right to Represent Agreement with us specifically for any properties we provide to you.

9. Why do I have to sign a Confidentiality Agreement/Right to Represent Agreement?

Unfortunately many people only want to find out is available and try to go around us to purchase the homes. This makes no since, as there are no commissions paid by you to our company. Also, banks will not lower a price because you are not represented by an agent, they are very loyal to the Real Estate companies that are working with them and their agents to sell their assets. The Confidentiality Agreement/Right to Represent Agreement only means that you will not share the information provided to you with anyone, nor post or send it electronically. Also it means that if you would like to purchase any of the homes, you would submit an offers though our company. This is only for any property that we have provided to you for review in detail or list form. This not only protects us, it protects you as well. Because we are not wasting time on people that are not serious, we are able to spend quality time working with you, and negotiating deals out to make you more successful!

10. Can I finance the purchase or do I have to pay cash?

The quickest and most effective way to purchase these homes is by paying cash. However, you absolutely can finance it. The banks will require that before you submit an offer you have either proof of funds (POF) for a cash deal, or an approval letter for a financed deal (pre-qualification letters do not qualify as an approval letter). This is required, and there is no way around it. If you are buying for an investment, and you want to finance it, you can expect to be prepared to put down 20 - 30% as a down payment. The lending guidelines have tightened up, and it does make it harder to get financing on investment deals as i'm sure you are aware. Also, if a home is in need of major repair, it may not qualify for financing. This is determined on a case by case situation.

12. Are you a mortgage broker or banker as well?

We are not a mortgage broker or mortgage banker. However we do have companies that we can recommend for you to talk to. We are not affiliated with any mortgage company, and we do not make any money from you using them or not. We recommend that you speak to more than one mortgage company or financing provider.

13. Can I buy in bulk?

You can buy as many as you want, however banks will not sell these assets in one swoop. You must negotiate each home individually and apart from each other. They are not taking into consideration that you are looking to buy 1 or 100 of their assets. Real Estate companies or Real Estate Consultants that claim they can sell you a bulk bank owned package or "Tape" are most likely wasting your time. Please note that most people that claim to be Real Estate Consultants are normally not licensed Real Estate Agents and many do not even have backgrounds in the Real Estate industry. Banks are not selling in large bulk quantities, and most likely will not be doing it in the future anytime soon. If they were to sell a large package of homes together, they would most likely be doing this corporation to corporation, and not with individual investors. With that said, you are able to buy as many or as little as you like, just one by one.

If you have a question that is not answered above, or you want more details on any of these questions, please email us at REO@TheAvistaGroup.com