Bank foreclosures, Bank Owned Homes and REO's...they are all the same thing. The owner(s) of the home defaulted on their mortgage and the bank foreclosured to enforce the terms of the mortgage and ultimately was awarded a certificate of title to the property by the court. The bank now owns the home and is the seller in the transaction. View Seminole County Forclosed Homes,View Lake County Foreclosed Homes,View Volusia County Foreclosed Homes,View Orange County Foreclosed Homes.
Bank owned homes can be an excellent opportunity for buyers to purchase a property at a discount. Unlike traditional sellers, the bank has no emotional attachment to the property and is simply trying to mitigate the losses it incurred after default of the original mortgage plus the costs to foreclose. Many banks have large inventories of foreclosed properties they need to clear out and this can mean lower prices for buyers.
Some bank owned homes are offered at such a discount that it generates competition among buyers for certain desirable properties. Buyers can be surprised when their real estate agent suggests they will likely need to make a full price offer, or some times more, to purchase the property.
In order to find and successfully purchase a bank foreclosed property you should have a Realtor ® who is experienced and knowledgeable in this type of transaction. I have a great deal of experience in handling Bank Foreclosure transactions.