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. Priced at $13,500.00 |

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!!!! This listing is SOLD 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

BANK OWNED HOME IN DAYTONA BEACH - MAKE OFFER!!

$10,000.00 BANK OWNED HOME IN DAYTONA BEACH - MAKE OFFER!! BANK OWNED HOME   2 BR / 1 BA Similar property on same street sold for OVER $100,000 in 2006! This listing is SOLD

BANK OWNED / REO / Home in Daytona Beach FOR SALE / FORECLOSURE!

$85,500.00 BANK OWNED / REO / Home in Daytona Beach FOR SALE / FORECLOSURE! JUST LISTED! 8/19/09!!! DON'T MISS OUT ON THIS INCREDIBLE DEAL!!! BANK OWNED!! MUST SELL!! 3 Bedrooms, 2 bathrooms in 1757 sqft under air and 3,514 sqft TOTAL! Lot Size: 70X 163 SOLD IN 2006 FOR $274,900!!!! NOW OFFERED AT $85,500 foreclosure/reo This listing is SOLD

MLS #497520 | Bunnell Residential 3 Bedrooms / 2 Bathrooms For Sale, Bank Owned	2894 Redwood St Bunnell, FL 32110
ROLLOVER TO VIEW 12 PHOTOS $57,000.00 ($29.00/sqft) Bunnell Residential For Sale 3 beds, 2 baths, 1984 living sqft Price reduced $12,500.00 since 11/10/09 | Priced to sell. Bank owned, fantastic opportunity if you are looking to enjoy the peace and quiet of country living. This affordable fixer upper sits on over an acre of land. Built in 1998. Spacious double wide has 1984 sq ft of living with ... Top Features: for sale, bank owned , Lot SQFT: 1984sqft , Built in  1998

MLS #502257 | Daytona Beach Residential 4 Bedrooms / 2 Bathrooms For Sale, Bank Owned Fountain Lake	232 Fountain Lake Blvd Daytona Beach, FL 32117
ROLLOVER TO VIEW 10 PHOTOS $134,900.00 ($77.00/sqft) Daytona Beach Residential For Sale 4 beds, 2 baths, 1745 living sqft 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 attachments, proof of funds or preapproval letter and your business card MUST be with the ... Top Features: for sale, bank owned , Subdivision: Fountain Lake , Lot SQFT: 2279sqft , Built in  2007 , Maint Fees: $105.00

MLS #501050 | Ormond Beach Residential 5 Bedrooms / 3 Bathrooms For Sale, Bank Owned Tomoka Oaks	47 Pine Valley Cir Ormond Beach, FL 32174
ROLLOVER TO VIEW 12 PHOTOS $189,900.00 ($94.00/sqft) Ormond Beach Residential For Sale 5 beds, 3 baths, 2018 living sqft Price reduced $5,100.00 since 2/9/10 | Bank owned and priced to sell. 5 bedrooms and 3 full baths. new carpet, newer kitchen, freshly painted, pool has been re-screened and ready for a new family. all appliances including washer and dryer. located in the very desirable area of tomoka ... Top Features: for sale, bank owned , Subdivision: Tomoka Oaks , Lot SQFT: 2816sqft , Built in  1964 , Maint Fees: $65.00

MLS #169764 | Palm Coast Single Family 4 Bedrooms / 2.5 Bathrooms Contemporary For Sale, Foreclosure, Bank Owned Lehigh Woods	36 RUSSMAN LN Palm Coast, FL 32164
ROLLOVER TO VIEW 5 PHOTOS $142,500.00 ($49.00/sqft) Palm Coast Single Family For Sale 4 beds, 2 baths, 1 half baths, 2891 living sqft Price reduced $5,000.00 since 12/12/09 | This bank owned property -back on market 2/6/10. bank has brought it back to its original beauty to sell asis. submit on asis contract. highest & best offers required along with proof of funds/financing with written offer. Top Features: for sale, foreclosure, bank owned , Subdivision: Lehigh Woods , Lot SQFT: 14376sqft , Built in  2004 , Style: Contemporary

MLS #168403 | Daytona Beach Single Family 3 Bedrooms / 2 Bathrooms For Sale, Foreclosure, Bank Owned, New Construction Not Assigned	623 CHERRY STREET Daytona Beach, FL 32114
$37,500.00 ($41.00/sqft) Daytona Beach Single Family For Sale 3 beds, 2 baths, 916 living sqft Price reduced $67,500.00 since 10/9/09 | Bank owned foreclosure! own a brand new home in daytona beach for $50,000!! this home was foreclosed on just prior to completion, never lived in, only a couple of small items remain for completion. open floor plan, functional kitchen, roof has ... Top Features: for sale, foreclosure, bank owned, new construction , Subdivision: Not Assigned , Lot SQFT: 4200sqft , Built in  2008

MLS #171483 | Palm Coast Single Family 4 Bedrooms / 2 Bathrooms Contemporary For Sale, Foreclosure, Bank Owned Seminole Woods	10 SELBOURNE PATH Palm Coast, FL 32164
ROLLOVER TO VIEW 5 PHOTOS $123,000.00 ($58.00/sqft) Palm Coast Single Family For Sale 4 beds, 2 baths, 2134 living sqft Bank owned! property sold in as is condition. great starter home, quiet neighborhood closed to us1 and i95. call today for an appointment. Top Features: for sale, foreclosure, bank owned , Subdivision: Seminole Woods , Lot SQFT: 10245sqft , Built in  2006 , Style: Contemporary

MLS #O4938472 | Debary Single Family 3 Bedrooms / 2 Bathrooms Pool Ranch For Sale, Foreclosure, Short Sale, Bank Owned Plantation Ests Unit 5	Debary, FL 32713
$69,900.00 ($59.00/sqft) Debary Single Family For Sale 3 beds, 2 baths, 1176 living sqft Not a Short Sale!!! Bank Owned!!! This is a Fannie Mae HomePath Property. Purchase this home for as little as 3% down! This property is approved for HomePath Mortgage Financing and HomePath Renovation Mortgage Financing. Top Features: for sale, foreclosure, short sale, bank owned Has a pool , Subdivision: Plantation Ests Unit 5 , Lot SQFT: 11251sqft , Built in  1981 , Style: Ranch

MLS #V4625632 | Deltona Single Family 3 Bedrooms / 2 Bathrooms Contemporary For Sale, Foreclosure, Bank Owned Deltona Lakes Unit 53	Deltona, FL 32725
$84,900.00 ($48.00/sqft) Deltona Single Family For Sale 3 beds, 2 baths, 1771 living sqft Bank owned property being sold as-is. large contemporary at affordable price. needs minor cosmetics. Top Features: for sale, foreclosure, bank owned , Subdivision: Deltona Lakes Unit 53 , Lot SQFT: 10001sqft , Built in  1995 , Style: Contemporary

MLS #V4620257 | Deland Single Family 3 Bedrooms / 1 Bathrooms For Sale, Foreclosure, Short Sale, Bank Owned Page Sub	914 S FLORIDA AVE Deland, FL 32720
ROLLOVER TO VIEW 10 PHOTOS $65,000.00 ($72.00/sqft) Deland Single Family For Sale 3 beds, 1 baths, 900 living sqft ***not a short sale*** what's not to love about this one. bank owned and ready to sell today! great as a rental or perhaps as a starter. move fast, homes in this price range just don't last long! Top Features: for sale, foreclosure, short sale, bank owned , Subdivision: Page Sub , Lot SQFT: 10890sqft , Built in  1955

MLS #O4967337 | Deland Single Family 3 Bedrooms / 2 Bathrooms Pool Traditional For Sale, Foreclosure, Bank Owned Blue Lake Heights 1st Add	Deland, FL 32724
$67,000.00 ($58.00/sqft) Deland Single Family For Sale 3 beds, 2 baths, 1148 living sqft Bank owned. reo sale. property sold as-is without repairs or warranty. Top Features: for sale, foreclosure, bank owned Has a pool , Subdivision: Blue Lake Heights 1st Add , Lot SQFT: 10423sqft , Built in  1988 , Style: Traditional

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 #M1366642 | Miami Rental 3 Bedrooms / 1 Bathrooms For Rent Seminole Lawn Pb	3342 NW 49 ST Miami, FL 33142
ROLLOVER TO VIEW 7 PHOTOS $700.00 Miami Rental 3 beds, 1 baths, 784 living sqft Nice and 3bedroom 1 bath in Miami for RENT! Priced right for low income rentals. Bank owned property. Only $1200.00 moves you in today. Perfect for a small family. Top Features: For Rent , Subdivision: Seminole Lawn Pb , Lot SQFT: 5500sqft , Built in  1935

MLS #O4967153 | Sanford Waterfront Rental 3 Bedrooms / 1 Bathrooms For Rent Sunland Ests	904 CHEROKEE CIR Sanford, FL 32773
ROLLOVER TO VIEW 8 PHOTOS $1,000.00 ($1.00/sqft) Sanford Rental 3 beds, 1 baths, 1300 living sqft Looking for a super clean home, this is it. The home is not cluttered and everything has it's place. No carpet, all wood for easy floor care. Very spacious for this year home. Large back porch with wndows and shades. workshop/storage building ... Top Features: For Rent , Waterfront , Subdivision: Sunland Ests , Lot SQFT: 8254sqft , Built in  1959

MLS #O4967327 | Orlando Rental 4 Bedrooms / 3.5 Bathrooms Pool For Rent Avalon Park South Ph 3	14710 CLARKSON DR Orlando, FL 32828
ROLLOVER TO VIEW 10 PHOTOS $1,600.00 ($1.00/sqft) Orlando Rental 4 beds, 3 baths, 1 half baths, 1840 living sqft Great property in Avalon Park. 3 Bedrooms (all upstairs)2.5 bath plus a separate 1 bed/1 bath in-law apartment above garage! Perfect for college student, in-laws or office. Great community features. Bank owned so don't worry about foreclosure. ... Top Features: For Rent Has a pool , Subdivision: Avalon Park South Ph 3 , Lot SQFT: 2875sqft , Built in  2005

MLS #C7009450 | North Port Vacant Land For Sale, Foreclosure, Bank Owned Port Charlotte 26	CAMEO CIR. North Port, FL 34291
$4,000.00 North Port Vacant Land For Sale Bank owned! great opportunity for investment or to build your dream home. conveniently located to all north port amenities. priced to sell! also see other lots on cameo: mls c7009426, c7009446 & c7009447. Top Features: for sale, foreclosure, bank owned , Subdivision: Port Charlotte 26 , Lot SQFT: 10001sqft

MLS #C7009447 | North Port Vacant Land For Sale, Foreclosure, Bank Owned Port Charlotte 26	CAMEO CIR. North Port, FL 34291
$4,000.00 North Port Vacant Land For Sale Bank owned! great opportunity for investment or to build your dream home. conveniently located to all north port amenities. priced to sell! also see other lots on cameo: mls c7009446, c7009426 & c7009450. Top Features: for sale, foreclosure, bank owned , Subdivision: Port Charlotte 26 , Lot SQFT: 10001sqft

MLS #C7009426 | North Port Vacant Land For Sale, Foreclosure, Bank Owned Port Charlotte 26	CAMEO CIR. North Port, FL 34291
$4,000.00 North Port Vacant Land For Sale Bank owned! great opportunity for investment or to build your dream home. conveniently located to all north port amenities. priced to sell! also see other lots on cameo: mls c7009450, c7009447 & c7009446. Top Features: for sale, foreclosure, bank owned , Subdivision: Port Charlotte 26 , Lot SQFT: 10001sqft

MLS #C7009446 | North Port Vacant Land For Sale, Foreclosure, Bank Owned Port Charlotte 26	CAMEO CIR. North Port, FL 34291
$4,000.00 North Port Vacant Land For Sale Bank owned! great opportunity for investment or to build your dream home. conveniently located to all north port amenities. priced to sell! also see other lots on cameo: mls c7009426, c7009450 & c7009447. Top Features: for sale, foreclosure, bank owned , Subdivision: Port Charlotte 26 , Lot SQFT: 10001sqft

MLS #479788 | Welaka Vacant Land For Sale, Bank Owned Welaka	225 OAK RIDGE DR Welaka, FL 32193
ROLLOVER TO VIEW 4 PHOTOS $5,000.00 Welaka Vacant Land For Sale Price reduced $15,000.00 since 5/22/09 | Bank owned vacant building lot in homes only community. Features city water, sewer, curb & gutter, underground utilites & paved roads. Top Features: for sale, bank owned , Subdivision: Welaka

MLS #O4964725 | Kissimmee Vacant Land For Sale, Foreclosure, Bank Owned Poinciana Nbrhd 2 West Vil 7	1241 Carribean Drive Kissimmee, FL 34759
ROLLOVER TO VIEW 3 PHOTOS $5,300.00 ($1.00/sqft) Kissimmee Vacant Land For Sale Bank owned great lot size no rear neighbor. buy now before it's too late and built later. great investment apportunity is knocking. Top Features: for sale, foreclosure, bank owned , Subdivision: Poinciana Nbrhd 2 West Vil 7 , Lot SQFT: 7026sqft

MLS #C7006087 | North Port Vacant Land For Sale, Foreclosure, Bank Owned Port Charlotte 14	COLLEGE TER North Port, FL 34291
ROLLOVER TO VIEW 5 PHOTOS $5,400.00 ($1.00/sqft) North Port Vacant Land For Sale Bank Owned and Priced to Sell. North Port building lot in area of newer homes. Road is paved, utilities are available and lot is NOT located in a Scrub Jay area per the county website. Top Features: for sale, foreclosure, bank owned , Subdivision: Port Charlotte 14 , Lot SQFT: 10001sqft