Real estate owned (REO) properties, also known as foreclosures, are homes or properties that are bank-owned. If you’re thinking of buying an REO property, there may be great options that are right for you, but the process of buying bank-owned properties is different than that of a traditional purchase. You’ll want to work with an experienced REO real estate broker who understands what makes buying Bank-owned homes different.
Home Max Realty International has a years of experience in dealing with REO properties and foreclosures and makes it easier to find bank-owned homes for sale. With our extensive bank-owned homes listings, you can locate, buy, and sell and flip properties.
We bring the latest information on foreclosure processes to help you make informed decisions when it comes to bank-owned and REO properties. We provide current pricing of bank-owned properties for sale, so you can find the best opportunities for investing or home buying.
Use the form below to get latest free list of Bank Owned properties in your area. Keep in mind that the banks does not sell these properties directly. When you locate a property you’re interested in, please contact Home Max Realty international for more information.
FREE LIST OF FLORIDA BANK OWNED REO HOMES
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Florida Bank Owned Homes and REO Properties
For Sale from $99,900
Florida Bank Owned Homes and REO Properties Wiki Info:
Real estate owned or REO is a term used in the United States to describe a class of property owned by a lender—typically a bank, government agency, or government loan insurer—after an unsuccessful sale at a foreclosure auction.
A foreclosing beneficiary will typically set the opening bid at a foreclosure auction for at least the outstanding loan amount. If there are no bidders that are interested, then the beneficiary will legally repossess the property. This is commonly the case when the amount owed on the home is higher than the current market value of this foreclosure property, such as with a high loan-to-value mortgage following a real estate bubble. As soon as the beneficiary repossesses the property it is listed on their books as REO and categorized as an asset (non-performing asset).
As soon as a property goes into a distressed status (the borrower/home owner misses mortgage payments) the beneficiary will want to determine the amount of equity that the property has. A popular method to determine the equity is to obtain a Broker’s Price Opinion (BPO) or order an appraisal. Based on the amount of equity that is determined from the BPO, the bank will decide whether to allow a short sale (if requested by the homeowner). If no short sale is requested by the home owner, the beneficiary will continue the foreclosure process. If the beneficiary is unable to sell the property through a short sale or at a foreclosure auction it will now become an REO property.
The beneficiary will remove the liens and other debts on the home and try to resell it to the public, either through future auctions or direct marketing through a real estate broker.
The asset manager may also try to contact REO realtors that specialize in certain ZIP codes to help sell this bank owned property. Real estateinvestors will often purchase these properties because of discounts offered to compensate for the condition of the property.
Many larger banks and government institutions have REO/asset management departments that field bids and offers, oversee up keep, and handle sales. Some REO properties on the open market will be listed in MLS by the broker who performed the BPO.