Information provided courtesy of:
Dennis Kinkopf
Your Orlando Golf Home Pro
(407) 474-0188
Dennis@OrlandoGolfHomePro.com
Florida Realty PRO Inc.
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Buying Foreclosed Homes | Short Sales | Selling a Home
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Google Map of Orlando

 

This map does not display homes where the seller's agent specified "(Address withheld by agent)". Due to typos and other errors, homes may be shown at the wrong location, or not at all. Arial views of homes (change map to hybrid) may be several years old and thus won't show new homes.

Call Dennis for information and assistance in finding that perfect home for you, whether it's on the course, on the water, or nestled against a forest. Majestic views of miles of marshes, neighborhoods filled with stately oaks draped with Spanish Moss, and tropical resort style living are all available. Dennis can assist you in finding an existing home, a new builder home (called a spec home), or even selecting a vacant lot and a custom builder for your dream house. Contact Dennis any time you need a Realtor in central Florida.


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Buying a Foreclosed Home

REO (Real Estate Owned) or Bank Owned
 

Buying a Foreclosure can be rewarding, but it also has its challenges.

These include that the bank that now owns the property may not have personnel assigned to negotiate prices or approve an offer. Therefore, an offer may not be responded to in a timely manner. It is common to request a quick response (a few days) for an normal offer to the owner of a home, but once it goes REO, a response time of a few weeks is more common, and even longer times often are needed: 30 days is recommended. Once the bank has assigned a coordinator, negative responses may be quick, but positive responses generally require a committee to approve, and they may only meet once per week.

Foreclosed homes are nearly always sold "AS IS". The bank will generally not accept any contingencies such as repairs, unless such repairs are required by law prior to a sale.

The ONLY contingencies banks routinely accept are for financing and inspections.

They frequently refuse to pay closing costs such as surveys.

Another frequent complication is that title insurance may not be readily available, or more properly, the title itself may not be clear. This leads to delays in closing, delays which may not happen until the expected time of the closing. Expect that the bank will be slow to complete their end of the process, so that a closing might take 60 days rather than the usual 30 days in Florida.

There are other considerations which arise from time to time. To discuss buying a Foreclosed or REO or Bank Owned Home, please contact Dennis (Your Orlando Golf Home Pro) at:

Cell: (407) 474-0188
Fax: (866) 230-9394
Email: Dennis@OrlandoGolfHomePro.com



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