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FLORIDA BANK OWNED REAL ESTATE

An REO (Real Estate Owned) is a property that goes back to the mortgage company after an unsuccessful foreclosure auction.
Check these Banks and their
Florida REO Listing Inventory

We will provide your pre-approval letter.

Bank Of America©


BB&T©

Chase©

Compass Bank©

Country Wide Mortgage©
(Now Bank of America)

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. Currently, so many home owners are so short on equity that they were not in a position to be able to refinance or sell the property to satisfy the foreclosure. That is why the property ended up at a foreclosure or trustee sale.

Foreclosure sales begin with a minimum bid that includes the loan balance, any accrued interest, plus attorney's fees and any costs association with the foreclosure process. In order to bid at a foreclosure auction, you must have a cashier's check in your hand for the full amount of your bid. If you are the successful bidder, you receive the property in "as is" condition, which may include someone still living in the property. There may also be other liens against the property.

Since what is owed to the bank is almost always more than what the property is worth, very few foreclosure auctions result in a successful sale. Then the property "reverts" to the bank. It becomes an REO, or "real estate owned" property. Banks are currently in ownership of a great deal of property.

How To Buy A Florida REO

The banks goal is to get as much money as possible in the sale of the property, so you want to do your homework and know the value of what you want to buy.

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 a counter-offer.

Your offer or counter-offer will probably have to be reviewed and approved by several individuals and companies.

REO Property Condition

Banks always want to sell their property in "as is" condition. They will allow you to get all the inspections you want (at your expense), but they may not agree to do any repairs. Your offer should include an inspection contingency period that allows you to terminate the sale if the inspections reveal unexpected damages that the bank will not correct. Keep in mind how much it will cost you to make all repairs.

Most banks will not provide financing on their REO’s. Especially if the property has extensive damage and you are purchasing it "as is."

Making an Offer

Before making an offer, ask for the following:

• Are there any inspection reports?
• What work has the bank agreed to?
• Is there a special "as is" form?
• How long does it take the bank to accept an offer?
• How does your agent deliver the offer?

You will need to provide a pre-approval letter and/or proof of funds to close.