mailto:Now@HomesWinterPark.com

Bank Owned Homes Orlando, FL

Bank Owned homes or REO’s (Real Estate Owned), Pre Foreclosure, Foreclosed, Short Sales, Distressed Properties or whatever one calls it refers to a much the same segment of the market.  What all this represents is homes of people who have gotten into an unfortunate situation where their ability to maintain their mortgage payments has changed.  There are many reasons for this as we all know from reading the print media and listening to the TV news.

The Bank Owned homes are the homes that have gone through the foreclosure process and are now in the hands of the lender to be sold.  The bank owns the property and does not want to own it any longer than necessary because it costs the bank money every day they own the property. 

The banks usually price these houses at market price to give them a fair chance of moving out of their inventory.  The bank is usually a reasonable seller with the money motivation to sell, but they will not give away properties as the bank knows the real market value.

What a buyer should be looking for is the house that is priced lower than its long term value.  What this means is in today’s market you could not get this much house for the price the bank is asking and the long term prospect is for greater appreciation than for the other houses in the neighborhood.  If a similar house in the neighborhood is selling for $100,000 and you can get the bank owned house for $95,000 you will make an extra $5,000 down the road in five or more years as the real estate market returns to more traditional conditions.  Always remember to consider the condition of the property you are looking at versus the other houses so you do not lose the price advantage in extra repairs to bring it back to par with the neighborhood.

What is the PROCESS for bank owned properties?

Since most of the bank owned properties are on the market with a REALTOR® they are in the Multiple Listing Service (MLS) and available through any real estate portal.

You can search on my web site for the property of your dreams and call me later to assist you.  You also can call me right up front and get my assistance in finding out about the PROCESS and how to do it more efficiently.

We are ready when you are so search for yourself or call and let us assist you from the beginning.

Bob MacCuspie  call 407-657-4571 or

Email  HelpMeNow@HomesWinterPark.com