Palm Coast Bank Owned Homes for Sale

Harry Ashley, Real Estate Broker

Cell Phone: (386)-931-6054 E-mail: harry@palmcoastrealestate-fl.com

An REO (Real Estate Owned) is a property that goes back to the mortgage company after an unsuccessful foreclosure auction by the Clerk of the Court, and or a short sale, they are typically referred to as bank owned. Most foreclosure auctions do not even result in bids. After all, if there was enough equity in the property to satisfy the loan, the owner would have probably sold the property and paid off the bank. That is why the property ends up back with the bank.

The bank now owns the property and the mortgage loan no longer exists. The bank will handle the eviction, if necessary, and may do some repairs. They will negotiate with the IRS for removal of tax liens and pay off any homeowners association dues.

As a purchaser of an REO property, the buyer will receive a title insurance policy and the opportunity to investigate the property. You will normally have between 10 - 14 days to make any and all inspections on the property and change your mind for whatever reason.A bank owned property might not be a great bargain. Do your homework before making an offer. Make sure that the price you pay (if you are successful) is comparable to other homes in the neighborhood. Consider the costs of renovation, including time to complete them. Do not get caught up in a bidding war and pay over market value. It is an old myth that foreclosures are a bargain.

Palm Coast Bank Owned Real Estate

• Palm Coast Bank Owned for less than $125,000
• Palm Coast Bank Owned between $125,000 - $175,000
• Palm Coast Bank Owned between $175,000 - $200,000
• Palm Coast Bank Owned over $200,000
• Palm Coast Bank Owned Condos and Town Homes