Bank Owned Homes and Condos for Sale in Palm Coast
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.