REO or Short Sale?

Buyers today have many homes to choose from with the majority of the homes being offered for sale in our area either REO or short sale listings.  Determining which homes to preview and make offers on will depend on many factors.  Potential homebuyers will want to consider everything before making an offer.

With an REO listing you can reasonably expect a closing within 30-45 days, depending on your choice of financing and other contingencies. Often times there are multiple offers, and banks will select the highest and best.  It is usually not disclosed how high other offers on the home are, so for that reason you should always make the very best offer price you are willing to pay for the home.  In certain areas and situations REO houses will sell for higher than asking price.

With Sort Sale- bank approval may take from 1 to 4 months, depend on many different factors that you have no control over, with no guarantee that the bank will approve the short sale terms.  If you are limited by time you might wish to look at Foreclosed houses.

Talk to one of our agents to determine the best homes for you to be viewing.   We can help take your criteria and match it up with the very best homes for sale throughout the area.

Communities in Kissimmee that have REO-bank owned homes for sale

The real estate market in Kissimmee has been super charged by foreclosure homes that become REO or bank owned. Well priced bank owned homes are receiving multiple offers and selling within days of being listed.

Communities/subdivisions where there are bank owned homes listed right now include:

• Windsong
• Venetian Bay Villages
• Poinciana
• Oakwater
• Remington
• Coral Cay Resort
• Flora Ridge Condo
• Mallard Creek
• Woodland Creek
• Isles of Bellalago
• North Shore Village
• Fells Cove

Call me for a complete list of bank owned homes for sale in Kissimmee.

High End Property Deals

I have posted many times about bargain and cheap homes that are available on the market throughout Orlando, Kissimmee and Central Florida. There are other deals to be found right now that include the high end property.

High end property are those houses and condos listed for $1 million or more listed in the Orlando-Kissimmee, Central Florida market.

High end short sales

In the 4 county area, Osceola, Orange, Seminole and West Volusia right now there are nearly 3 dozen homes listed above 1 million that are subject to a short sale. These include homes that are:

• Custom homes
• Homes on ski lakes
• Acre + lots
• In gated communities
• Situated on a golf course fairway

Starting list prices run up to $3.5 million.

High end REO

Our market also includes a handful of REO/bank owned high end property. These homes offer heated square feet ranging from 4000-8000 and have construction dates from 200-2009.

There are deals available in all price ranges. For additional details, give me a call.

Related Florida real estate views:

What will 5 million buy you in the heart of Central Florida?

Banks release 23 Orlando Kissimmee foreclosure properties today

Banks that have had to foreclose on property in the Orlando Kissimmee area released 23 of these properties today. The homes/condos range in price from $18,000 up to $277,500. You can view these homes by contacting me at 407-304-0255.

Newer bank owned properties are being released daily. In order to not miss out on the latest in bank owned foreclosure property, contact me to receive updated lists.

Buyers are jumping through hoops to buy bank owned houses

Because it may be possible to buy a bank owned home at a good price, homebuyers are having to be patient and accepting of bank requirements in order to have an opportunity to own a previously foreclosed home of owning. Real estate agents on the other hand are often frustrated at the hoop jumping they and their buyer must do in order to get an offer accepted.

Buyers and agents are discovering when buying bank owned homes:

• Brand new bank owned listings are going under contract or have multiple offers within hours of hitting the market.
• In multiple offer situations banks are asking that buyers consider submitting a revised offer that is their “highest and best”.
• Buyers are often given a limited window in which they can conduct their inspections. Having a home inspected prior to buying is important and especially so given that most lenders make it clear the buyer is buying the home “as is”.
• In some cases listing agents are seemingly so busy that it becomes a frustrating chore for the buyer’s agent to contact the listing agent to discuss the offer or the home prior to making the offer or even after the offer has been submitted.
• Even when the lender indicates they may accept an offer submitted by a buyer, most lenders make it clear that there is no real acceptance until the bank has received all paperwork, reviewed and delivered the addendum and contract back to the buyer. There never seems to be a time frame in which the bank must accomplish this task that results in buyers waiting longer than customary before finding out if they bought the home.

Still, patient buyers who are well informed of the entire process at the beginning by their REALTOR, end up at the closing table purchasing what most believe to be good deals. Buyers can increase their chances of an offer being accepted on an REO property by using a real estate agent who understands the process from start to finish. To be introduced to such an agent, contact me.

What Central Florida city has the most foreclosed homes for sale?

Where do you have the best chances to find an REO/bank-owned home to purchase? Current MLS statistics show that Poinciana's housing inventory has the largest percentage of bank-owned homes for sale at just over 13%. Osceola County leads the way with Kissimmee also in the top 3.

Foreclosure inventory

1. Poinciana 13%
2. Davenport 9.3%
3. Kissimmee 8.9%
4. Deltona 8.5%
5. Orlando 4.7%
6. Sanford 4.4%
7. Altamonte Springs 4.3%
8. Clermont 4.3%
9. Saint Cloud 4.1%
10. Eustis 3.8%
11. Debary 3.7%
12. Windermere 2.6%
13. Deland 2.6%
14. Lake Mary 2.3%
15. Winter Park 1.8%

Related Florida real estate views:

Orlando home sellers: giving in, selling or losing their home?

Why would anyone offer to buy a home at list price or above in this market?

What do banks know that home sellers do not?

- Greg Staker Watson Realty Corp. 407-304-0255

What do you call them? Bank owned, REO, Foreclosure?

You call it tomato I call it.... Whatever you call them, the number of bank owned properties for sale in the MLS offer home buyers an alternative to the many short sale properties for sale. REO homes are often easier to purchase than a short sale and are competitively priced.

The MLS shows the following number of foreclosed properties in the selected counties:

407/Osceola
428/Polk
610/Orange

Contact me in order to receive an update, free list of available homes in your area.

Related Florida real estate views:

Kissimmee foreclosure

Banks that are selling houses in Deltona

Why would anyone offer to buy a home at list price or above in this market?


- Greg Staker - Watson Realty Corp. - 407-304-0255