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Thinking of investing in real estate by buying a bank owned home. Before you run out and buy a foreclosure please read the facts below.
REO properties AKA often known as real estate owned is properties that go back to the mortgage company due to unsuccessful foreclosure auction. There are many misconceptions about real estate owned auctions and often times properties do not recieve one bid.
Foreclosure sales starting bids usually include accrued interest, the balance of the loan, attorney fees and other costs associated with the foreclosure process. In most cases foreclosure homes are sold "as is" that would include any liens on the property.
Homes that are being auctioned by the bank the starting bid is usually more than what the home is worth. When it doesn't sell it reverts back to the bank and officially its now an REO or real estate owned property.
Compare other homes in the neighborhood so that you do not overpay.
When making an offer remember the bank will negotiate to but in their own time frame as each bank works differently.
Include a inspection contigency on your contract.
Don't expect a property disclosure.
When you offer becomes a contract, be patient. Buying a bank owned home can be a process but if it is done right, could be quite a bargain.
One thing is certain when buying a bank owned home is to hire a real estate agent who has experience working with banks. Contact Wendy Morris today.
To Pre qualify for a loan through our Lending Dept CLICK HERE
One of Florida''s finest development opportunities. Combinations of zoning allow for mixed use commercial / residential / marina development... Old Florida at its best. Positioned for progress in the future! 18+/- acre mixed use resort is located ...
Top Features: for sale, bank owned
, Waterfront, Intracoastal
, Gulf access, Ocean access, Waterview, Intracoastal Waterway
, Lot SQFT: 156380sqft
, Built in 1941
This 148-acre property is located within the northwest quadrant of the river road and i-75 interchange in sarasota county along the scenic river road corridor. the majority of the property south of river road adjacent to the myakka river
Top Features: for sale, bank owned
, Waterfront, Bay or ocean frontage, Beach - Private, Gulf frontage, Intracoastal
, Gulf access, Ocean access, Waterview, Intracoastal Waterway, Beach - Private, Gulf/Ocean to Bay
, Subdivision: Manasota Key
, Lot SQFT: 536224sqft
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$5,900,000.00 ($889.00/sqft)
Sarasota Single Family For Sale 5 beds, 4 baths, 2 half baths, 6640 living sqft
Bank owned property - opportunity to own a resplendent residence in one of the most sought-after zip codes in sarasota, the posh st. armand''s circle shopping district. with dazzling city views, this spectacular bayfront location is a yachting, ...
Top Features: for sale, new construction, bank owned
, Waterfront, Bay or ocean frontage
, Waterview
Has a pool
, Subdivision: Saint Armands Division John Ringling Est
, Lot SQFT: 11626sqft
, Built in 2008
, Style: Spanish
Building features include 30+/- classrooms, 2+/- science labs, music room, fitness center, administrative areas, private offices, and faculty lounge. There are 10 tennis courts, a full basketball court, and outdoor playground onsite.
Price redued. five buildings, a total of 135,308 sf on a 14.3 ac (mol) site. 30,000 sf building available to owner-occupant. approved for boat building/ fiberglass manufacturing. located between 102th ave & bryan dairy; easy access to i-275 ...
Top Features: for sale, bank owned
, Waterfront, Bay or ocean frontage, Beach - Private, Gulf frontage, Intracoastal
, Gulf access, Ocean access, Waterview, Intracoastal Waterway, Beach - Private, Gulf/Ocean to Bay
, Subdivision: Manasota Key
, Lot SQFT: 314939sqft
$4,200,000.00 ($395.00/sqft)
Windermere Single Family For Sale 6 beds, 7 baths, 2 half baths, 10622 living sqft
Price reduced $1,750,000.00 since 4/21/09, NOW $4,200,000.00 | This neo-classic center hall home has a contemporary feel and is positioned on a corner lot in isleworth golf & country club. this home has 10,622 air-conditioned square feet with a two-story marble foyer and traditional stone columns.
Top Features: for sale, new construction, bank owned
, Lake access, Lake - Chain of Lakes
Has a pool
, Subdivision: Isleworth 3rd Amd
, Lot SQFT: 35827sqft
, Built in 2008
, Style: Other
Price reduced $665,000.00 since 6/10/11, NOW $3,925,000.00 | The property offered for sale consists of two buildings that collectively total 36,504 square feet. The site is approximately 15.64 acres that is zoned I-P Industrial by the City of Orlando. There is a 22,200 sanctuary building that was built ...
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All listing information is deemed reliable but not guaranteed and should be independently verified through personal inspection by appropriate professionals. Listings displayed on this website may be subject to prior sale or removal from sale; availability of any listing should always be independent verified. Listing information is provided for consumer personal, non-commercial use, solely to identify potential properties for potential purchase; all other use is strictly prohibited and may violate relevant federal and state law.
The source of the listing data is as follows:
My Florida Regional MLS (updated 2/4/12)
