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Bank Owned |Short Sales |Foreclosures

The Central Florida Market right now has about 80% to 85% of all the listings currently on the marker as either Bank Owned or Short Sales/Foreclosure properties. This is great news for buyers because properties have drop tremendously in value over the past two years. The main difference between the two are as follow: The Bank Owned Properties have already gone thru the short sale/foreclosure process and are now owned either by a Bank, a Lending Institution, or by a Corporation. The short Sales/Foreclosure properties the owners are still trying to negotiate a sale price with the bank before loosing their home as a foreclosure. When you put an offer on a Bank Owned property the response time can take just a couple of days. Compare to a short sale that can take anywhere from 60 days to over 180 days.

At the present time Bank Owned properties in the Central Florida market are selling on a average of 95% to 110% of the asking price, so you need to plan accordingly if you are ready to buy one of these Bank Owned Property. On about 95% of all the Bank Owned properties there are multiple offers, banks want to get as much as they want for their properties so when submitting an offer think of what would my highest and best offer be and you will have a better chance at getting your offer accepted.

Short sales/Foreclosures are homes that the owners are upside down on the mortgage, can not longer afford to keep making the payments, or they owe more on the home than what the home is worth. This last scenario is the main reason why we see so many short sales/Foreclosure properties in Central Florida. Keep in mind that if you decide to buy a short sale/Foreclosure property be ready to put on your patience hat because it can take anywhere from 60 days to over 180 days for the short sale process to be completed.

Sing Up for Our Free Central Florida Short Sale and Bank Owned Property alert and be among the First people to know about these properties

You can Also visit our Central Florida Communities Page where you can go read and learn about the best communities Central Florida has to offer. In addition, go and fly with us as we take you on 3-D Google Earth Tour of your favorite Community around Central Florida.