Central Florida Bank Foreclosures
Bank foreclosures, Bank Owned Property, and REOs, all mean the same thing: the owner of the home defaulted on their mortgage loan by failing to make the required payments and the bank engaged in a foreclosure suit to enforce the terms of the mortgage loan and ultimately was awarded title to the property by a court. Now the bank owns the home and is the counter party to a purchase and sale contract.
Looking to Buy a Foreclosure?View Florida Foreclosure Listings
Bank owned properties can be a tremendous opportunity for a buyer to purchase a property at a great value. Unlike traditional sellers, a bank has no emotional attachment to the property and is simply trying to mitigate the losses it has incurred after default of the original mortgage loan and costs to foreclose. Many banks have huge inventories of foreclosed properties that they need to clear and this can mean low prices for buyers.
Sometimes the prices are offered at such a discount that it generates a lot of competition among buyers for certain desirable properties. Often buyers, after hearing in the news that it is a buyer's market, are surprised when their real estate agent suggests they will likely need to make a full price offer, or some times more, to purchase the property. This is because the price of the property is so steeply discounted at its list price it generates a tremendous amount of interest by potential buyers, and as a result, many times multiple offers are presented to the bank.
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Central Florida Foreclosure Listings
Central FL Area Bank Forclosure Experts
In order to find and successfully purchase a bank foreclosed property you should have a Realtor ® who is experienced and knowledgeable in this type of transaction. At Realty Executives we have Executives who are Certified Distressed Property Experts (CDPE) who have specialized training and experience in handling Bank Foreclosure transactions.
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RealtyExecutivesFL.com specializes in the Central Florida real estate market. Contact us online or call us at 1.888.HOME.427 for a free consultation with one of our agents.Contact us!