Southwest Florida Gulf Homes and Land

Foreclosed properties

The real estate market has changed over the past couple of years. Today a large number of homes available for sale are owned by banks. Bank owned real estate is known by the acronym REO. REO stands for Real Estate Owned. The banks own this property because they were forced to foreclose on a borrower that was either unable or unwilling to continue paying their mortgage. The banks don't want this property and have been aggressive in pricing in order to see that these properties sell.

Purchasing bank owned properties comes with a unique set of obstacles. Even though the existence of foreclosed is nothing new, the sheer volume of foreclosed properties, and as a result the sheer volume of people looking to find bargains buying foreclosed homes, has created an understaffing condition in many bank's loss mitigations departments. The banks are handling the sale of these REO assets as a business. Proper documentation is required as each sale of a REO property is subject to audit. In many cases the turn-a-round time on an offer on bank owned property is 48-72 hours, cases do occur when the acceptance or rejection of an offer may take longer.

In all most all cases, the prospective purchaser of an REO property will need to be a cash buyer or be pre-approved for a loan. An offer will require submitting proof of funds with the offer. There are programs in place to help supply the funding to move REO property. Programs such as Fannie Mae's Community Home Choice initiative and Home Style Renovation program.

Bank owned property comes in all shapes and sizes, they come in a range of conditions from new construction never been lived in homes, to new construction at different levels of completion, to well loved homes in great condition, to properties that have be gutted and need extensive repairs. Even in this down market, bank owned property is making up a large percentage of the property sales.  This is because bank owned property is priced aggressively to sell.

The best valued properties are at times seeing multiple offers. Recent sales on quality offerings have been above the banks asking price. Foreclosed properties are setting the market price on homes. If you want to see what is available in REO property the following links will provide you with a report that will show you a complete list of bank owned properties.

Bank Owned Properties listed for sale in Sarasota County

Bank Owned Properties listed for sale in Sarasota County listed in the past week

Bank Owned Properties listed for sale in Charlotte County

Bank Owned Properties listed for sale in Charlotte County listed in the past week

The listing reports were pulled Sept 8, 2009. If you would like to receive an email notification for new REO listings in a specific area or with specific criteria call Bob at 941-485-4240.