Winter Springs, Orlando Real Estate Foreclosures and Bank Owned

We are Bank Owned Property Specialist....

We list and sell Bank Owned Properties...the best priced homes on the market today

Foreclosures
Short Sales

We do Mortgage Loan Modifications

So you want to buy a Bank Owned Property?(REO)

REO Verses Forclosure

An REO (Real Estate Owned) is a property that goes back to the mortgage company after an unsuccessful foreclosure auction. Most foreclosure auctions do not even result in bids. After all, if there was enough equity in the property to satisfy the loan, the owner would have probably sold the property during the pre-foreclosure/short sale stage and paid off the bank. Unsold short sale properties end up at a foreclosure auction. Since what is owed to the bank is almost always more than what the property is worth, very few  auctions result in a successful sale. This is when the property "reverts" back to the bank and becomes an REO, or "real estate owned" property.

The bank now owns the property....
                         This can be better for you!

The mortgage loan no longer exists.  The previous owners are out of the picture.  Tax liens, homeowner association dues are brought up to date, Titles are clean and many banks will do some repairs
 You can investigate the property and do as many inspections as you want at your expense..

A bank owned property can be a great bargain. As your Real Estate Agent we will do our homework before making an offer. We will make sure that the price you pay  is comparable to other homes in the neighborhood. Consider the costs of renovation, including time to complete them.
 
How Banks Sell REO's

Once you make an offer to purchase, banks generally present a "counter-offer." It may be at a higher price than you expect, but they have to demonstrate to investors, shareholders and auditors that they attempted to get the highest price possible. You should plan to counter the counter-offer.

Your offer or counter-offer will probably have to be reviewed and approved by several individuals and companies. Even once an offer is accepted, the bank may insert wording like "..subject to corporate approval with 5 days."

Property Condition

Banks always want to sell a property in "as is" condition.  They will allow you to get all the inspections you want (at your expense), but they may or may not agree to do any repairs.

We will make sure your offer includes an inspection contingency period that allows you to terminate the sale if the inspections reveal unanticipated damages that the bank will not correct.

Even though you agreed to "as is," we will always give the bank another opportunity to make repairs or give you a credit after youve completed your inspections. Sometimes theyll re-negotiate to save the transaction instead of putting the property back on the market, but dont assume that it happens all the time.

Most banks will not provide financing on their REOs but it doesnt hurt to ask. Especially if the property has extensive damage and you are purchasing it "as is."

Making an Offer

Before making an offer, as your agents we will ask the following:

Are there any inspection reports?

What work has the bank agreed to?

 How long does it take the bank to accept an offer?  

Offers are usually FAXED to the bank. The listing agent needs your originals. There are no formal presentation. Keep in mind nothing usually happens on the weekend as some banks are closed then.

Since there is no face-to-face presentation to the bank, we must provide the listing agent with a pre-approval letter and buyer biography. Cash offers must show proof of Funds. Make your offer easy to accept.