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Tips for Finding Commercial REO Properties for Your Startup

by kristopherwashington

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If you're still undecided about setting up shop in Florida, the May 2013 report from Chief Executive Magazine may offer you much-needed words of encouragement. According to their study, Florida has the second most ideal business climate in the country after Texas. The magazine also lauds the state for its low taxes and reasonable business regulations.

While this piece of news sounds assuring for many entrepreneurs, starting a business in the Sunshine State isn’t necessarily a piece of cake. You still need to pick the precise location for your headquarters, after all, and this isn't always an easy task. Fortunately, the state offers a lot of options for commercial space, including commercial REO properties.

Real estate-owned properties become the property of a lender, usually a bank, after they remain unsold at foreclosure auction. Since these lots were acquired under dire circumstances--usually when the original owners have failed to meet the necessary mortgage payments—banks usually offer these properties at highly competitive rates in an attempt to recoup at least some of their investment. Such a deal can prove irresistible to newbie entrepreneurs who have limited resources.

For a listing of suitable REO properties, you can browse through magazines and websites, or get recommendations from fellow business owners. Better yet, ask the people who know about REO properties the best: title insurance companies. These firms may even point you to the direction of your dream property and prepare all the necessary paperwork in advance to ensure that a smooth transaction transpires.

A title insurance company will also conduct a thorough title search to make sure that the property you intend to buy is indeed free to be sold, and that the title is clear. You certainly wouldn't want to go through the hassle of preparing all the paperwork and drawing up a remodeling plan only to find out that the property isn’t legally for sale to begin with. Luckily, you find a number of reputable companies that can walk you through a Tampa short sale transaction.

Setting up a business in Florida may not always be in the park, particularly when it comes to finding a suitable commercial location. You may want to seek the help of REO experts sooner rather than later. For more information, visit

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