Team Donovan Blog - REO

8 Mistakes Vacation Home Buyers Make and How to Avoid Them

Posted by Team Donovan on April 13th, 2016

Are you thinking about buying a second home in Orlando? Investing in real estate can be both exciting and overwhelming. If you choose to rent your property out to holiday guests, that decision adds an element of stress too. 

The good news is that the vacation rental market has grown over the past few years, and the prospects for generating rental income have never been better. More and more vacationers are forgoing the traditional hotel stay in favor of renting luxury vacation homes. 

Here are a few common mistakes to be aware of so you can minimize your risk while maximizing your profits for your Orlando vacation home.

1. Not Sticking to a Plan and Budget – It’s important to do your homework before you make any offer on a property. Research the…

Why Should Vacation Home Buyers Care about REOs?

Posted by Team Donovan on March 30th, 2016

Are you in the market for an Orlando vacation home? If so, you may have come across a listing on a real estate website like Team Donovan’s that says the home is a bank owned / REO property. REO stands for Real Estate Owned, which means the home has been foreclosed upon and repossessed by the lender (which is typically a bank).

Foreclosure processes vary by state, but the end result is the same. After a bank forecloses on a property, they place the home into their inventory of real estate owned. At this point, federal agencies such as Freddie Mac, Fannie Mae or HUD (Housing of Urban Development), may have to settle with the bank if there was some type of guaranteed loan involved. It doesn’t matter whether these agencies or the bank own the property,…