This weeks picks: 12/13/2008
This series will go over my top picks of bank owned real estate in both Seminole & Orange County, FL. I will break down my top picks by area and price points. Each week will feature a new list of real estate for sale.
Definitions:
REO stands for Real Estate Owned or Bank Owned and it refers to a property that has gone back to the bank, or the mortgage company, after an unsuccessful foreclosure auction.
A short sale is a property that is for sale where the value of the property is less than the amount owed to the bank(s) that have lent on the property, thus the seller is asking the bank(s) to accept something "short" of what is owed.
| Price | Area | Beds/Baths | Link to Property |
| Under $150,000 | Altamonte Springs | 3BE/1.5BA | Altamonte Springs Bank Owned Real Estate |
| $150,000-$200,000 | Orlando | 5BE/2BA | East Orlando UCF Bank Owned Real Estate |
| $200,000-$250,000 | Ocoee | 4BE/3.5BA | Westyn Bay Bank Owned Real Estate |
| $250,000-$300,000 | Orlando | 4BE/3BA | Baldwin Park Bank Owned Real Estate |
| $300,000-$400,000 | Heathrow | 4BE/2BA | Heathrow Bank Owned Real Estate |
| $400,000-$500,000 | Winter Park | 4BE/4BA | Winter Park Bank Owned Real Estate |
| $500,000-$600,000 | NOTHING THIS WEEK | ||
| $600,000-$750,000 | Windermere | 5BE/4BA |
Windermere Bank Owned Real Estate |
| $750,000-$1 mil | NOTHING THIS WEEK | ||
| Over $1 Million | NOTHING THIS WEEK |
Using an FHA home loan to purchase an REO property can sometimes be impossible, unless you have an agent who knows the system. REO properties will request that all contracts be AS-IS. FHA has lowered it's requirements over the years but there are still issues that an appraiser will flag that could hinder a buyer from purchasing a home such as WDO items and active leaks. However by using certain streamline programs with and FHA loan we can still get you that home financed.
I have helped 5 families in the past month successfully purchase bank owned properties at a heavily discounted price plus all of their closing costs paid and a home warranty! Their maximum out of pocket expense towards the home was $1000.
Want to see the post from series pasts? Click the dates of interest: Bank Owned Properties 12/06/2008
I hope that you continue to come back to my blog or click to subscribe to my RSS feed
For
information on buying, selling, or auctions in Central Florida, Orange
County and Seminole County, new
construction,
bank
owned, short sale and foreclosure properties and Relocation services
contact your Lake Mary Real
Estate Agent Heather Joubran @ 407-810-6304 or hjoubran@remax.net.
Heather Joubran, GRI, NRBA, CLHMS, CDPE
RE/MAX Central Realty
www.HeatherTheRealtor.com (407) 810-6304
Specializing in First Time Home Buyers, Short Sales, Bank Owned Real Estate, REO & Foreclosure Properties
Servicing Real Estate Needs in: Lake Mary, Longwood, Winter Springs, Sanford, Altamonte Springs, Oviedo, Orlando, Downtown Orlando, Thornton Park, College Park, Winter Park, Maitland, Windermere, UCF, Lake Nona, Baldwin Park, Apopka, Ocoee & Winter Garden
