Central Florida Bank Owned Homes For Sale
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 are 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.
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Stellar MLS (updated 11/27/22 7:39 AM) |