Florida REO | Bank Owned Properties | Daytona Beach Listings

REO vs. Foreclosure

REO stands for Real Estate Owned and is the term used to denote a property which is technically owned by a mortgage company usually after a failed foreclosure auction.  REO properties are numerous since most foreclosure auctions do not get any bid.  The reason behind this is that foreclosed properties are low in equity which is the reason why they are foreclosed in the first place.  If a property has enough equity, then the owner would have had sold the property and just paid off the mortgaging company.

Foreclosure auctions are not so popular for a reason.  A property being auctioned off starts with a minimum bid covering the loan balance, accrued interest and other costs that may arise from the auction process.  This means that in some cases, you will be forced to buy a property for more than its worth.  Another thing about foreclosure auctions is that if you won the bidding, you will get the property in an "as is" condition meaning anyone still living in the property is now your responsibility.  This also covers any liens or claim on the property.

With most properties having less value than what is owed a mortgage company, they more often than not result in no-bid auctions.  These properties then go back to the bank or any mortgage company as "real estate owned" properties.

REO Properties For Sale

After the property "reverts" to the lending company, they would have to get the most out of it by selling them off.  To make it more attractive to buyers, banks take certain actions like evicting squatters if necessary, and even make some minor repairs if also needed.  They could also settle any liens against the property.  This means that a buyer purchasing an REO property would get a better deal than what they would have had if they won the same property in a foreclosure auction.

You should keep in mind that bank owned properties are not bargain properties.  Therefore, it is always important that you cover all the bases and check all things in connection with the property.  When doing the check you should also include what you would spend for renovation if necessary.  Make sure that the money you will pay is commensurate to what you will be getting.  Do not be misled by the old myth that foreclosed properties are great bargains.

How Banks Sell REO's

Obviously, banks or any lender for that matter would try to get the most money out of any property.  After all, they are in the business to make money.  Although they have different methods, the goal is to make the most out of any REO property.  This means that they have no intention whatsoever of bargaining off any property if they can help it.

When you make an offer for an REO property, bear in mind that the bank will more often than not have a counter-offer.  This is because they want to get the most out of the sale of the property.  Thus, it is important that you be ready with your own counter-offer.

Any offer made will be scrutinized not only by a person in the mortgage company.  Several individuals will look into it and that is the reason why lending institutions have a dedicated team working on REO inventory.  Remember that even if your offer is accepted at once, most companies would subtly add terms pointing out that said acceptance is still subject to corporate approval.

Property Condition

Since banks want to make the most money out of a property, they would likely sell an REO in an "as is" condition.  This means they would not be shelling out funds for repairs or to settle any liens against the property.  If you include in your offer that they provide a Section 1 pest certification, most would give it to you.  Banks would also allow you to inspect properties but at your own expense.  Do not expect though that they would agree to shoulder some repairs before selling you the property.

To cover your bases, you should submit an offer with a clause that would allow you to back out of the sale if upon inspection you find unexpected damages which the bank will not agree on paying for repairs.

If you agreed that you will buy the property as is, take time to allow banks to pay for repairs.  There would be times when banks would eat up a small loss to save the transaction than putting the property back in the market again.  This is usually in the cases of properties which have been in the market far too long that its value is getting lower and lower.

Most banks would not want to see numerous proprietary disclosures.  And since they are exempted from the California Seller's Transfer Disclosure Statement, real estate agents working either for them or for you, said agents are required to give you disclosure statements.

If you are planning to ask a bank for financing on REO properties, do not get your hopes to high.  They usually don’t provide such service.  In some cases though, it could happen especially if you are purchasing a property with extensive damage they are not willing to pay to be repaired.

Making An Offer

Prior to making an offer for an REO property, you should cover your bases which includes the following:

• Inspection reports, whether they the bank can provide them or not.
• Repairs that the bank will shoulder
• If the bank offers a special deal for "as is" properties
• The time it takes for the bank to reply to an offer
• The manner of which the offer is delivered to the mortgage company

Usually, offers are faxed to the company selling the property. Therefore, it is always safe to make an offer during weekdays at working hours.

Since the offer is faxed to the bank, and there is no formal presentation, your offer should contain information about yourself.  This will put you in a position where the company knows something about you and would give your offer more attention.

Here's hoping that this would help you find that REO that's right for you.  Again, do not be fooled by the myth that foreclosed properties are bargain.

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THESE ARE ALL BANK OWNED REOs. These are not short sales.
 

See more properties for sale below

VACANT SINGLE FAMILY LOT - CLOSE TO DAYTONA BEACH SPEEDWAY BANK OWNED!!!!!! PRICE REDUCED! Located in Madison Heights subdivision just south of Mason Avenue and west of Clyde Morris Blvd. The neighborhood consists of newer single family homes and multi-family units.

MLS #488078 | BANK OWNED VACANT LAND - PALM COAST, FL

$119,000.00 BANK OWNED VACANT LAND - PALM COAST, FL THIS LOT IS BANK OWNED AND THIS EXTREMELY LOW PRICE HAS BEEN APPROVED. This is a fantastic location and this lot is just waiting for you to START BUILDING. You'll have a great Ocean View from the third floor of your new home. You're within easy walking distance to the beach access at the end of Moody Road and easy access to A1A. Your lot is close to Palm Coast and St. Augustine, depnding on how you'd like to spend your day. This area is growing and the PRICE IS GREAT so grab this lot while it's still available.

OCEAN VIEW PONCE INLET BANK OWNED HOME SOLD!! APPRAISED AT 1 MILLION SOLD FOR $300,000!!!! SOLD! BANK OWNED REO (AMERICAN HOME MORTGAGE SERVICING, INC) APPRAISED AT $1,000,000 SOLD FOR $300,000!!!! TRIPLE VIEWS OF OCEAN, INLET, AND LIGHT HOUSE - VERY RARE AND THIS HOME IS ON A VERY PRIVATE STREET IN PONCE INLET. THE NIGHT TIME VIEWS OF THE LIGHTHOUSE ARE AMAZING IN THIS HOME.

MLS #487406 | RARE BANK-OWNED COMMERCIAL / RESIDENTIAL ZONED RIVERFRONT LAND ORMOND BEACH FLORIDA

$499,000.00 RARE BANK-OWNED COMMERCIAL / RESIDENTIAL ZONED RIVERFRONT LAND ORMOND BEACH FLORIDA RARE BANK-OWNED COMMERCIAL / RESIDENTIAL ZONED RIVERFRONT LAND. 12 acres with 1300 feet of road frontage!!! Dual use as commercial land or build your dream home and boat house. Located on the Northerly end of Ormond Beach, West side of US 1, this large tract of land comprised of 12.114 acres of which 3.6 acres located on the north end are usable. Zoned B-8 Comm'l, this allows for many permitted and conditional uses..ie; Assisted Living Facility, Offices, Clubs, Convenience stores, Multi-family Dwelling, Restaurant, Retail sales & Recreational Facilities. Paved road directly to site. Possibly change use to Ag2 or variance for Horses and bring the horses , your boat, and build your dream home. Lot goes right to navigable waterway

MLS #508166 | Port Orange Residential 2 Bedrooms / 2 Bathrooms Single Family Attached For Sale, Short Sale, Bank Owned Southern Oaks	1123 Squirrel Nest Port Orange, FL 32119
ROLLOVER TO VIEW 16 PHOTOS $99,800.00 ($81.00/sqft) Port Orange Residential For Sale 2 beds, 2 baths, 1237 living sqft Price increased $79,900.00 since 7/28/10 | Motivated Seller, Bring All Offers, Roof is 2 years old, A/C is 1 and a half years old, new garage door 2010, LARGE 2 BEDROOM SPLIT PLAN, 2 BATHS, 2 CAR GARAGE, WITH ONE OF THE LARGEST LOTS IN THE AREA. THIS HOME HAS A LARGE KITCHEN WITH A GREAT ... Top Features: for sale, short sale, bank owned , Subdivision: Southern Oaks , Lot SQFT: 1812sqft , Built in  1988 , Style: Single Family Attached

MLS #502179 | Daytona Beach Oceanfront Residential 3 Bedrooms / 2.5 Bathrooms Single Family Attached For Sale, Bank Owned Pelican Bay	132 Surf Scooter Daytona Beach, FL 32119
ROLLOVER TO VIEW 4 PHOTOS $62,900.00 ($39.00/sqft) Daytona Beach Residential For Sale 3 beds, 2 baths, 1 half baths, 1627 living sqft Price reduced $56,000.00 since 3/7/10 | Bank Owned- Pelican Bay Townhome-3 bedroom, 2 1/2 bath with a 1 car garage. Proof of Funds or Bank of America preapproval required with offer. Top Features: for sale, bank owned , Oceanfront , Subdivision: Pelican Bay , Lot SQFT: 2059sqft , Built in  1981 , Style: Single Family Attached , Maint Fees: $450.00

MLS #508922 | Port Orange Residential 3 Bedrooms / 2 Bathrooms Single Family For Sale, Short Sale, Bank Owned Hamlet	568 Hamlet Dr Port Orange, FL 32127
ROLLOVER TO VIEW 5 PHOTOS $146,500.00 ($113.00/sqft) Port Orange Residential For Sale 3 beds, 2 baths, 1301 living sqft Price reduced $3,400.00 since 8/16/10 | Not a short sale or bank owned but a beautiful 3/2/2 pool home for under $150,000!! be proud to show this home to any buyer. home shows pride of ownership down to every detail. large solar heated pool, transferable termite bond, roof and a/c ... Top Features: for sale, short sale, bank owned , Subdivision: Hamlet , Lot SQFT: 1860sqft , Built in  1979 , Style: Single Family

MLS #V4628042 | Deltona Single Family 4 Bedrooms / 3 Bathrooms Pool Ranch For Sale, Foreclosure, Bank Owned Deltona Lakes Unit 13	1911 BEACON ST Deltona, FL 32738
ROLLOVER TO VIEW 2 PHOTOS $83,800.00 ($46.00/sqft) Deltona Single Family For Sale 4 beds, 3 baths, 1814 living sqft Price reduced $14,000.00 since 7/25/10 | Super house value!! Fresh interior paint and new carpet. Large rooms. Split plan. 2-car garage. Screened porch and a super beautiful in-ground pool. Don't pass this up! Bank owned and sold as is. Top Features: for sale, foreclosure, bank owned Has a pool , Subdivision: Deltona Lakes Unit 13 , Lot SQFT: 10001sqft , Built in  1986 , Style: Ranch

MLS #O4999836 | Debary Single Family 4 Bedrooms / 3 Bathrooms Pool Contemporary For Sale, Foreclosure, Bank Owned Reserve At Debary Ph Iv	260 ENGLENOOK DR Debary, FL 32713
$169,900.00 ($70.00/sqft) Debary Single Family For Sale 4 beds, 3 baths, 2422 living sqft Bank Owned. 4/3 W/ 3 CAR GARAGE, OPEN 3-WAY SPLIT PLAN, VOLUME CEILINGS, MASTER BATH w/Garden Tub, Large Shower, Double Vanities. PRIVATE SCREENED LANAI, FENCED YARD. BEAUTIFUL HOME SHOWS WELL; AMENITIES INCLUDE COMMUNITY POOL. Top Features: for sale, foreclosure, bank owned Has a pool , Subdivision: Reserve At Debary Ph Iv , Lot SQFT: 8049sqft , Built in  2000 , Style: Contemporary , Maint Fees: $380.00

MLS #O4959509 | Edgewater Single Family 2 Bedrooms / 2 Bathrooms For Sale, Foreclosure, Bank Owned Florida Shores Unit 1	1918 FERN PALM DR Edgewater, FL 32141
$40,130.00 ($40.00/sqft) Edgewater Single Family For Sale 2 beds, 2 baths, 996 living sqft Price reduced $19,770.00 since 2/1/10 | Bank owned property sold as is without repair or warranty. seller and listing agent have no knowledge of property history, no disclosures supplied. buyer/buyers agent is responsible for verifying hoa fees and dues, if any, community rules, sq ... Top Features: for sale, foreclosure, bank owned , Subdivision: Florida Shores Unit 1 , Lot SQFT: 5000sqft , Built in  1988

MLS #V4628731 | Deltona Single Family 2 Bedrooms / 1 Bathrooms For Sale, Short Sale, Bank Owned Deltona Lakes Unit 55	1545 PROVIDENCE BLVD Deltona, FL 32725
ROLLOVER TO VIEW 12 PHOTOS $64,900.00 ($67.00/sqft) Deltona Single Family For Sale 2 beds, 1 baths, 966 living sqft Not a short sale or bank owned! what a cute house! lots of upgrades make this one worth a look. newer roof, window, flooring, paint, and appliances. fenced back yard, storage shed. nice landscaping and huge trees. pride of ownership really shows ... Top Features: for sale, short sale, bank owned , Subdivision: Deltona Lakes Unit 55 , Lot SQFT: 8999sqft , Built in  1968

MLS #509523 | Daytona Beach Lakefront, Seawall Residential 2 Bedrooms / 2 Bathrooms Pool Condominium For Sale, Bank Owned	350 Atlantic Ave Unit: 2326 Daytona Beach, FL 32118
ROLLOVER TO VIEW 13 PHOTOS $254,000.00 ($205.00/sqft) Daytona Beach Residential For Sale 2 beds, 2 baths, 1240 living sqft 2/2 split plan, full kitchen, dining area, laundry in unit. fully furnished. fantastic ocean view. bank owned homesteps home. buyer to pay doc stamps on deed. room sizes are approximate. all agents: if you are going to submit an offer- all applicable ... Top Features: for sale, bank owned , Lakefront, Seawall Has a pool , Lot SQFT: 1240sqft , Built in  2004 , Style: Condominium , Maint Fees: $630.00

MLS #509516 | Ponce Inlet Residential 2 Bedrooms / 2.5 Bathrooms Single Family Attached For Sale, Bank Owned Sea Gull Landing	90 Jana Dr Ponce Inlet, FL 32127
$169,900.00 ($88.00/sqft) Ponce Inlet Residential For Sale 2 beds, 2 baths, 1 half baths, 1940 living sqft Wow!!!! bank owned. this town home is in a very well established community in desirable ponce inlet. you will enjoy beautiful sunset from the master bedroom, living room, and balcony. this home has a loft that could be used as a 3rd bedroom, ... Top Features: for sale, bank owned , Subdivision: Sea Gull Landing , Lot SQFT: 1723sqft , Built in  1988 , Style: Single Family Attached , Maint Fees: $80.00

MLS #O4992894 | Deland Single Family 2 Bedrooms / 2 Bathrooms Contemporary For Sale, Foreclosure, Bank Owned Deltona	1915 CALLE NARANJA Deland, FL 32724
ROLLOVER TO VIEW 11 PHOTOS $48,000.00 ($50.00/sqft) Deland Single Family For Sale 2 beds, 2 baths, 968 living sqft Price reduced $5,000.00 since 7/12/10 | Nice Bank Owned property perfect for first time home buyer, vacation home or investor. This home is on a quiet street located near International Speedway Blvd just 15 minutes from Daytona Speedway. The laundry room is located inside the house ... Top Features: for sale, foreclosure, bank owned , Subdivision: Deltona , Lot SQFT: 7501sqft , Built in  1985 , Style: Contemporary

Coming Soon - 18 Unit REO

MLS #458803 | Lilian's Place Bed And Breakfast Inn For Sale

$425,000.00 Lilian's Place Bed And Breakfast Inn For Sale Major Price Reduction! This price is based on bank approval of short sale. One-acre direct riverfront with 130’ of water frontage. Incredible opportunity to own a part of history. Pristine Victorian bed and breakfast on Halifax River. Priced to sell! As a bed & breakfast, this property has so much to offer. Not only can this property be purchased as a bed & breakfast business, but also as a single family home or as a possible development opportunity as well. Dock permits are in place.  Furniture is not included. This one is too good to pass up.

Daytona Beach 2 Bedroom Oceanfront Condos For Sale

$499,900.00 Daytona Beach 2 Bedroom Oceanfront Condos For Sale Ocean Villas - There is no comparison to this building and these three units for sale in Daytona Beach Shores! PRICE PER SQFT - YOU CAN NOT BEAT THESE PRICES - WAY BELOW MARKET VALUE! Condo Liquidation! THREE UNITS: 2 bedroom, 2.5 bath 2,157 sqft UNIT 403: SOLD UNIT 503: $499,900 - PRICE REDUCED! UNIT 603: $599,000

All Daytona Beach Area REO (Real Estate Owned) Homes & Condos For Sale

MLS #S4673566 | Punta Gorda Vacant Land For Sale, Foreclosure, Bank Owned Port Charlotte Sec 13	23445 WICKENS AVE Punta Gorda, FL 33980
$3,500.00 Punta Gorda Vacant Land For Sale Price reduced $1,000.00 since 8/7/10 | Bank owned vacant land! Top Features: for sale, foreclosure, bank owned , Subdivision: Port Charlotte Sec 13 , Lot SQFT: 10001sqft

MLS #C7015530 | Port Charlotte Park-like views Vacant Land For Sale, Foreclosure, Bank Owned Port Charlotte Sec 31	3152 JODY ST Port Charlotte, FL 33948
ROLLOVER TO VIEW 2 PHOTOS $3,900.00 Port Charlotte Vacant Land For Sale Bank Owned. This homesite is located in a growing area of Port Charlotte, close enough to all the conveniences of town but in the country enough for plenty of privacy. No scrub-jays and not located in a flood flood zone per Charlotte County... Top Features: for sale, foreclosure, bank owned , Park-like views , Subdivision: Port Charlotte Sec 31 , Lot SQFT: 10402sqft

MLS #G4659338 | Montverde Lake access Golf course Vacant Land For Sale, Foreclosure, Bank Owned Bella Collina West	BELLA COLLINA WEST LOT 40 Montverde, FL 34756
ROLLOVER TO VIEW 2 PHOTOS $3,900.00 ($1.00/sqft) Montverde Vacant Land For Sale Price reduced $4,000.00 since 3/24/10 | Bank owned golf course frontage lot on nick faldo designed golf course.enjoy the 19th hole or go to the spa in the 50,000 square foot clubhouse.$40,000 sports membership deposit required at closing.seller will consider bulk sale on all of their ... Top Features: for sale, foreclosure, bank owned , Golf course , Lake access , Subdivision: Bella Collina West , Lot SQFT: 5601sqft , Maint Fees: $3,692.00

MLS #D5775361 | Punta Gorda Vacant Land For Sale, Foreclosure, Bank Owned Tropical Gulf Acres	27336 CHINQUAPIN DR Punta Gorda, FL 33955
$4,000.00 Punta Gorda Vacant Land For Sale Price reduced $1,600.00 since 10/15/09 | Priced to sell. Bank owned buildable lot in beautiful Punta Gorda close to both Cape Coral and Fort Myers. Top Features: for sale, foreclosure, bank owned , Subdivision: Tropical Gulf Acres , Lot SQFT: 8398sqft

MLS #P4611403 | Kissimmee Vacant Land For Sale, Foreclosure, Bank Owned Poinciana Nbrhd 2 West Vil 7	1221 ALAFIA CT Kissimmee, FL 34759
ROLLOVER TO VIEW 4 PHOTOS $4,000.00 Kissimmee Vacant Land For Sale Price reduced $400.00 since 4/2/10 | Bank owned vacant land located at Poinciana Neighborhood 2 West Village 7 with .25 acres. Go direct to site. MUST SEE!!! Top Features: for sale, foreclosure, bank owned , Subdivision: Poinciana Nbrhd 2 West Vil 7 , Lot SQFT: 10759sqft , Maint Fees: $240.00

MLS #P4611402 | Kissimmee Vacant Land For Sale, Foreclosure, Bank Owned Poinciana Nbrhd 2 West Vil 7	431 Caribbean Ct Kissimmee, FL 34759
ROLLOVER TO VIEW 4 PHOTOS $4,000.00 Kissimmee Vacant Land For Sale Price reduced $400.00 since 4/2/10 | Bank owned-vacant land located at Poinciana Neighborhood 2 West Village 7 with .20 acres. Go direct to site. Must see!!! Top Features: for sale, foreclosure, bank owned , Subdivision: Poinciana Nbrhd 2 West Vil 7 , Lot SQFT: 8533sqft , Maint Fees: $240.00

MLS #C7014838 | Port Charlotte Vacant Land For Sale, Foreclosure, Bank Owned Port Charlotte Sec 65	11497 GULFSTREAM BLVD Port Charlotte, FL 33981
ROLLOVER TO VIEW 4 PHOTOS $4,800.00 Port Charlotte Vacant Land For Sale Bank owned lot located just outside of Rotonda. Minutes from Boca Grande, Englewood beaches and several state parks. Easy access to Port Charlotte shopping, restaurants, schools, medical facilities, fishing, golf, and Charlotte Sports Park. ... Top Features: for sale, foreclosure, bank owned , Subdivision: Port Charlotte Sec 65 , Lot SQFT: 9997sqft

MLS #P4611137 | Kissimmee Vacant Land For Sale, Foreclosure, Bank Owned Poinciana Nbrhd 2 West Vil 7	429 CARIBBEAN COURT Kissimmee, FL 34759
ROLLOVER TO VIEW 6 PHOTOS $4,800.00 ($1.00/sqft) Kissimmee Vacant Land For Sale Price reduced $5,100.00 since 3/16/10 | Bank owned vacant land located at poinciana neighborhood 2 west village 7 with .20 acres. must see!!! Top Features: for sale, foreclosure, bank owned , Subdivision: Poinciana Nbrhd 2 West Vil 7 , Lot SQFT: 8529sqft , Maint Fees: $240.00

MLS #C7015879 | Port Charlotte Waterfront Vacant Land For Sale, Foreclosure, Bank Owned Port Charlotte Sec 87	14384 ALLENSWORTH AVE Port Charlotte, FL 33981
ROLLOVER TO VIEW 3 PHOTOS $4,999.00 Port Charlotte Vacant Land For Sale Bank Owned lot in beautiful South Gulf Cove. Easy access to Port Charlotte, Placida, Englewood, and Cape Haze areas. Top Features: for sale, foreclosure, bank owned , Waterfront , Subdivision: Port Charlotte Sec 87 , Lot SQFT: 10001sqft

MLS #508192 | Daytona Beach Vacant Land For Sale, Bank Owned Madison Heights	1524 Florida St Daytona Beach, FL 32114
ROLLOVER TO VIEW 4 PHOTOS $5,000.00 Daytona Beach Vacant Land For Sale Price reduced $900.00 since 7/29/10 | Bank Owned property. Top Features: for sale, bank owned , Subdivision: Madison Heights