|Longwood & Greater Orlando FL Bank-owned Homes for Sale
Orlando Florida's bank-owned homes, foreclosed homes, have become highly sought after in today's market. On foreclosures, the bank owns the homes and are pricing the homes below current market value in order to get the foreclosed homes off of their books. This is a great time for buyers, first-time buyers, second home buyers, investors and also families that have outgrown their current homes and are looking for a home with more square footage too. You will be able to find Orlando foreclosed properties/homes below $100,000 to luxury foreclosures over $1,000,000!
View Greater Orlando Area Bank-owned Homes for Sale - below on page
Do not get Orlando foreclosures/bank-owned homes, confused with Orlando 'short sales' (pre-foreclosures). In a short sale situation, the homeowner is negotiating with their bank for the bank to take less money than what is owed on the mortgage. In this situation, if you submit an offer on a 'short sale' property, it can take between three to six months in order to even receive a response back from the bank on your offer. For more information on 'short sales' visit our webpage; Short Sales Information and Understanding Short Sales.
When submitting an offer on an Orlando foreclosed property, be advised on some properties bidding wars are happening. Meaning, multiple offers on the same foreclosed home. If there are multiple offers on a home, the banks will sometimes come back asking for your final and best offer on the foreclosed home. Or they will just accept what they fell is the strongest offer. It seems like the banks make their own rules when it comes to selling their properties. Under 'normal' circumstances, it usually takes about a week for a first response from the bank on your offer. Don't let this discourage you though because there are some great deals on the Greater Orlando area's bank-owned homes, foreclosed properties, on the market. Since almost all bank-owned homes are sold 'As Is', we highly recommend getting an inspection plus a mold inspection on a foreclosed home.
If you have any questions regarding Central Florida's area foreclosures/bank-owned homes, would like information on the Greater Orlando foreclosures in areas of interest, or would like to view Greater Orlando Florida foreclosures/bank-owned homes please Contact Paul Caponi & Theresa Caponi, TeamConnect Orlando Team, with TeamConnect Realty - Central Florida REALTORS® 321-297-6113.