Presenting:
The Florida Dream
Damon Duvall
407-864-4626

Listing Search

Bank Owned Property|Foreclosures|Orlando

NEXT
PREV
Bank Owned Property|Foreclosures|Orlando

Foreclosures In Orlando FL

Interested in foreclosures in Orlando FL and short sales? Investing in foreclosures and bank owned homes for sale in Orlando Fl can be a great investment if the situation is right.  What is an REO?  Buying REO property or a foreclosure in the Orlando Fl area.

What is a REO

"REO" means Real Estate Owned. These are houses which have completed the foreclosure process and are now a "bank owned home" which simply means the title to the property is owned or held by the bank or mortgage company who financed the property. This is different than real estate that is up for a Short Sale which is used to avoid foreclosure. 

Dr Phillips Foreclosures


When buying a property during a foreclosure sale, you must pay at least the loan balance plus any interest and other fees accrued during the foreclosure process. You must also be ready to pay with cash in hand. And on top of all that, you'll normally get the property 100% as is. That possibly could involve prevailing liens and even current occupants that may require eviction. 

Foreclosures in Orlando FL

Foreclosures in Orlando FL are a much cleaner and attractive proposition. The REO property didn't find a buyer during the foreclosure auction and the bank now owns it. The lender will handle the removal of tax liens, evict occupants if needed and generally prepare for the issuance of a title insurance policy to the buyer at closing. 

Is REO property in the Orlando Fl area a bargain?

It is occasionally presumed that any Orlando Foreclosures and short sales must be a steal and a possibility for guaranteed profit. This isn't always true. You have to be cautious about buying a repossession if your intent is to profit from the sale. Even though the bank is typically eager to sell it they are also motivated to minimize any losses. Click here to read a lot more on Short Sales and Bank Properties. 

So how to buy a bank owned property?

Look carefully at the Orlando Foreclosures and short sales you are interested in and compare the listing and sales prices of similar properties in the neighborhood when making an offer on an REO. And factor in any repairs or remodeling necessary to prepare the house for resale or moving in. The bargains with money making potential do exist, and many people do very well buying and selling foreclosures. But there are also many REOs that are not good buys and may not be money makers. Not everything you see on TV is real.

Time to make an offer?

Most banks have a department dedicated to REO that you'll work with when buying a REO property from them. Commonly the REO department will use a listing agent to get their REO properties listed on the local MLS. 

Prior to making your offer, you'll want to contact me to help you prepare an offer to present to the listing agent or REO department at the bank. We will also discover as much as we can about the condition of the property and what their process is for receiving offers. Since banks most commonly sell REO properties "as is", you'll want to be sure and include an inspection contingency in your offer for any Orlando foreclosures and short sales that gives you time to check for unknown damage and retract the offer if you find it not suitable to purchase. You will need to provide documentation proving your ability to secure financing, such as a pre-approval letter from a lender or show you have cash (proof of funds), your offer will be more attractive and likely be accepted. (This goes for any type of real estate offer.) 

Once your offer is presented, it's customary for the bank to counter offer. From there it will be your choice whether to accept their counter, or offer a counter to the counter offer. Keeping in mind that you'll be contending with a process involving several people at the bank, and they don't work evenings or weekends. It's quite common for the process of offers and counter offers to take days or even weeks. Normally the steps involved in making an offer on a Orlando Foreclosure will be made clear by the bank in the listing.

You should be aware that REO's may be exempt from standard disclosure requirements. For example, in Texas, it is optional for foreclosures to have a Property Disclosure Statement, a document that usually requires sellers to reveal any defects they are informed of. By working with me you can rest assured we will guide you and help you with your search process and make a wise informed decision whether to purchase or not purchase the Orlando foreclosures or short sales.  

Below you can search bank owned properties or all the Foreclosure listings in the Orlando Florida and surrounding areas. All of the Orlando Foreclosures and Short Sales and Bank Owned homes are below from highest price to lowest. 

 
 
 

 

Foreclosures In Orlando FL




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: | Stellar MLS (updated 10/29/20 9:03 PM)
Featured Listings
Altamonte Springs Real Estate
$1,590,000
5 BED
4.5 BATH
STUNNING newly built LAKE VIEW LUXURY Mediterranean custom ESTATE. This home has it all! LAKE VIEWS, LAKE ACCESS, LU... Read More
Altamonte Springs Real Estate
$1,149,000
5 BED
4 BATH
Beautifully maintained and remodeled lakefront on Spring Lake! So close and convenient to downtown, the attractions and... Read More
Apopka Real Estate
$1,099,000
5 BED
3 BATH
Beautiful home located in Seminole County on pristine, 300 acre Bear Lake. This house was completely remodeled and expa... Read More
Apopka Real Estate
$1,380,000
6 BED
5 BATH
This renovated sanctuary is located on pristine BEAR LAKE, one of Central Florida''s CLEANEST SKI LAKES. As you enter t... Read More
Belle Isle Real Estate
$1,000,000
5 BED
3.5 BATH
Beautiful and spacious lakefront home on the Conway Chain of Lakes. A long list of features and updates that have impro... Read More
Chuluota Real Estate
$3,000,000
9 BED
11 BATH
Elite Equestrian Training Facility in the heart of Central Florida. This premier 40-acre boarding and training facility ... Read More
Chuluota Real Estate
$2,800,000
6 BED
6 BATH
Resort style home on one of the most pristine lakes, with over 1000 feet of lake frontage, with additional land to bui... Read More
Clermont Real Estate
$1,099,900
4 BED
3 BATH
Direct lakefront home on Lake Minnehaha and the Clermont Chain of Lakes. Vacation can be your every day living in this h... Read More
Clermont Real Estate
$1,450,000
3 BED
4 BATH
This Breathtaking Custom Estate Home on 10+ Lush Acres with Heated Saltwater Pool, Private Stocked Pond & 45’ x 45’ gar... Read More
Damon Duvall

407-864-4626

Wendy Morris LLC
DBA Wendy Morris Realty
Licensed in the State of Florida
BK 3146762
14832 Speer Lake Drive
Winter Garden, FL 34787

Your privacy is our utmost concern. We will never sell your personal information. Privacy Policy
©2011 -2020 windermereluxuryproperty.com - all rights reserved. | Site Map | Bank Owned Property|Foreclosures|Orlando