Central Florida Real Estate | Central Florida Homes for Sale
  • Home
  • Selling
  • What's My Home Worth?
  • Buying
  • Advanced Search
  • Testimonials
  • Blog
  • Meet the Team
  • Accessibility
  • DMCA Notice
  • Contact Us
Login
(407) 252-8092

Sign in to your account

Need to reset your phone number?

Don't have an account with us?

Click here to sign up.

Central Florida Foreclosure Search

TO
Advanced Search

Buying Foreclosures

Considering buying or making an offer on an REO foreclosure? 

Foreclosed and bank owned property purchases can be extremely complicated. These types of transactions should require the assistance of an experienced real estate professional or attorney.

What's an REO?

"REO" stands for Real Estate Owned. These are houses which have completed the foreclosure process that the bank or mortgage company currently holds. This is different than a property up for foreclosure auction. Rock Springs Realty has years of experience with foreclosures and bank-owned properties throughout the Central Florida market.

If you buy a property during a foreclosure sale, you must pay at least the loan balance plus any interest and other fees added during the foreclosure process. The buyer must also be prepared to pay with cash in hand. And on top of all that, you'll get the property totally As-Is, Where-Is. That might consist of prevailing liens, outstanding HOA fees, and even current occupants that may require removal.

A bank-owned property, on the contrary, is a more tidy and attractive option. The REO property didn't find a buyer during the foreclosure process. Now the bank owns it. The bank will attend to the removal of tax liens, evict occupants if needed, and generally arrange for the issuance of a title insurance policy to the buyer at closing.

You should be aware that REOs may be exempt from standard disclosure requirements. For example, in North Carolina, it is optional for foreclosures to have a Property Disclosure Statement, a document that normally requires sellers to disclose any defects of which they are knowledgeable. By hiring Rock Springs Realty, we will investigate and discover if any disclosure, current or past, are available and hold all parties accountable for fulfilling Florida state disclosure requirements.

Are REO properties in Central Florida a bargain?

It's frequently assumed that any foreclosure must be a good deal and a chance for easy money. This simply isn't true. You have to be prudent about buying an REO if your intent is to make money. While it's true that the bank is typically anxious to offload it quickly, they are also motivated to minimize losses.

Rock Springs Realty has experience to share with foreclosures and bank owned properties. We must perform extensive due diligence to determine current and ARV (after renovated value) of the home will allow sufficient profit to make this acquisition viable. What extend and expense are necessary in regard to repairs or upgrades to prepare the house for resale, or moving in. Is it possible to find REO's with money-making potential? Absolutely! Many experienced investors or flippers can do very well buying and selling foreclosures. But, in most cases they are jewels in the rough and you must have the risk tolerance, financial resources, and knowledge to work with contractors to get the home back into move-in or marketable condition. 

How to make an offer

Most mortgage companies have a department dedicated to REO's that we'll work with while buying REO properties from them. Normally the REO department will use a listing agent to get their REO properties listed on the local MLS system.

Before making your offer, we'll want to contact either the listing agent or REO department at the bank to find out as much as we can about what knowledge the bank has regarding the condition of the property and their process is for making & receiving offers. Since banks typically sell REO properties "As-Is, Where-Is," it's often prudent to include an inspection contingency in the offer that provides an inspection period to check for unknown damage and cancel the offer if you find it unacceptable. Any offer on an REO must include a proof of funds letter if paying in cash, or a full pre-approval letter from a lender if using financing. There can be other requirements as well which we can discuss personally.  

Once you've submitted your offer, it's likely the bank will make a counteroffer as their job is to obtain as much money as possible from the liquidation of the property. Then it will be your decision whether to accept their counter, submit a counteroffer, or reject the count and walk away. Your deal might be settled in a single day, but that's rare. Since offers and counter offers usually give the other party a day or longer to respond (and employees at a bank don't work nights or weekends), this process will most likely take days or weeks to determine a final outcome. 

Be cautious, perform extensive research, do your homework & due diligence, and make money buying REO's can be a positive experience!

If you have any questions or would like to set up a personal meeting to discuss your investment objective, please feel free to contact me directly. Joe Bornstein, Rock Springs Realty, 877-333-2811 or joe@rockspringsrealty.com

5419 Fairwood Way Unit 305, Orlando image
5419 Fairwood Way Unit 305, Orlando — Silver Pines $114,900 ▼

Welcome to 5419 Fairwood Way, a beautiful 3BD 2.5BA condo in Orlando! Whether you're looking for a place to call home or a great investment opportunity, this Florida drea...

  • 3 Beds
  • 2.5 Baths
  • Silver Pines Ph 01 SubDv.
  • 32808 Zip Code
712 Devon Drive, The Villages image
712 Devon Drive, The Villages $153,000 ▼

Orang Blossom Gardens - A quaint neighborhood with just a short golf cart ride to Spanish Springs Town Sqaure where you'll find restaurants, shopping, medical facilities ...

  • 2 Beds
  • 2 Baths
  • Lady Lake Orange Blossom Gardens Unit 05 SubDv.
  • 32159 Zip Code
1571 Hillcrest Drive, The Villages image
1571 Hillcrest Drive, The Villages $175,000

Just a short drive to Orange Blossom County Club this 2BR/1BA home features wood laminate flooring, vaulted ceiling and drywall.

  • 2 Beds
  • 1 Baths
  • Lady Lake Orange Blossom Gardens Unit 10 SubDv.
  • 32159 Zip Code
241 Afton Square Unit 102, Altamonte Springs image
241 Afton Square Unit 102, Altamonte Springs — 241 $209,900

Welcome to this exceptional 2-bedroom, 2-bathroom first-floor condo nestled in the gated community of The Oasis at Pearl Lake in Altamonte Springs. This move-in ready res...

  • 2 Beds
  • 2 Baths
  • Oasis At Pearl Lake A Condo SubDv.
  • 32714 Zip Code
1224 Dustin Drive, Lady Lake image
1224 Dustin Drive, Lady Lake $216,000 ▼

Location is the key to this cozy 2/2 mobile home. This home is located in beautiful Orange Blossoms Gardens. It comes with a spacious family room and open floor plan. B...

  • 2 Beds
  • 1.5 Baths
  • Orange Blossom Gardens Unit 03-1b SubDv.
  • 32159 Zip Code
1315 Charles Street, Orlando image
1315 Charles Street, Orlando $260,000

Oversized lot with large single family with converted garage extending the living area. Conversion gives 3 floors of living space. Additional living rooms on the second ...

  • 3 Beds
  • 2 Baths
  • Glenn Oaks SubDv.
  • 32808 Zip Code
3415 Pinebrook Court, Orlando image
3415 Pinebrook Court, Orlando $339,900 ▼

GREAT PRICE REDUCTION READY FOR YOU TO LIVE NEAR THIS DISIRABLE GOLF COURSE COMMUNITY OF VENTURA COUNTRY CLUB. VENTURA IS A GUARD GATED COMMUNITY WITH 18 HOLE SEMI-PRIVAT...

  • 2 Beds
  • 2 Baths
  • Cherry Hill Village SubDv.
  • 32822 Zip Code
1048 Longville Circle, Tavares image
1048 Longville Circle, Tavares $375,000

Homeowners or Investors, Make this Home into a GEM!!! This spacious Pool Home has a downstairs primary suite with his and hers closets and a separate shower and bathtub. ...

  • 4 Beds
  • 2.5 Baths
  • Tavares Pines At Lake Saunders Ph 02 SubDv.
  • 32778 Zip Code
Lady Lake image
Lady Lake $399,900 ▼

Large house with a pool and detached garage on 20 acres. First floor layout includes an owner's suite and second bedroom, three additional bedrooms and a bathroom are up...

  • 5 Beds
  • 3 Baths
  • 32159 Zip Code
4415 Leola Lane, Orlando image
4415 Leola Lane, Orlando $439,900

Step into this beautifully maintained 4-bedroom, 2-bathroom home that boasts an array of fantastic features. One of them being a brand-new roof—giving you peace of mind f...

  • 4 Beds
  • 2 Baths
  • Conway Hills SubDv.
  • 32812 Zip Code
3613 Running Water Drive, Orlando image
3613 Running Water Drive, Orlando $467,500

FANTASTIC 4 BEDROOM 2 BATH POOL HOME. THIS SOUGHT AFTER COMMUNITY OF CHICKASAW TRAILS. YOU WILL FIND THIS HOME IS IN MOVE IN CONDITION. IF YOUR LOOKING FOR A HOME THAT'S ...

  • 4 Beds
  • 2 Baths
  • Chickasaw Trails Ph 02 SubDv.
  • 32829 Zip Code
2632 Wimbledon Court, Ocoee image
2632 Wimbledon Court, Ocoee $474,900

This exquisite 3-bedroom, 2.5-bath home is nestled on a tranquil cul-de-sac. A true gem, this property boasts a 2-car garage, complete with the bonus of RV/boat parking. ...

  • 3 Beds
  • 2.5 Baths
  • Coventry At Ocoee Ph 01 SubDv.
  • 34761 Zip Code
Like or Share
Loading likes...

Address Search


Voted "Best of Apopka"
Top Real Estate Professionals


Central FL Real Estate by City

  • Apopka
  • Altamonte Springs
  • Longwood
  • Lake Mary
  • Maitland
  • Mount Dora
  • Ocoee
  • Orlando
  • Sorrento
  • Tavares
  • Windermere
  • Winter Garden
  • Winter Park
  • Eustis

Central FL Real Estate by Neighborhood

Apopka
  • Alexandria Place
  • Arbor Ridge
  • Bent Oak
  • Bluegrass Estates
  • Chandler Estates
  • Charleston Park
  • Chelsea Ridge
  • Clayton Estates
  • Deer Lake Chase
  • Deer Lake Run
  • Dominish Estates
  • Emerald Cove
  • Errol Estate
  • Fisher Plantation
  • Foxborough Farms
  • Hillside At Wekiva
  • Lake McCoy Oaks
  • Lake Todd Estates
  • Landings At Rock Springs
  • Lester Ridge
  • Majestic Oaks
  • Oak Hill Reserve
  • Oak Hollow
  • Oak Ridge
  • Oakwater Estates
  • Palmetto Ridge
  • Pines Of Wekiva
  • Pitman Estates
  • Plymouth Landing
  • Quail Estates
  • Rock Springs Ridge
  • Sanctuary Golf Estates
  • Spring Harbor
  • Spring Hollow
  • Spring Ridge
  • Stoneywood
  • Sweetwater Country Club
  • Sweetwater West
  • The Palms
  • Traditions at Wekiva
  • Vicks Landing
  • Wekiva Crest
  • Wekiva Glen
  • Wekiva Park
  • Wekiva Preserve
  • Wekiva Run
  • Wekiva Springs Estates
  • Wekiva Springs Reserve
  • Wekiva Woods
  • White Jasmine
  • Winged Foot Estates
Longwood
  • Alaqua
  • Alaqua Lakes
  • Highcroft Pointe Townhomes
  • Sabal Point
  • Sweetwater Club
  • Sweetwater Oaks
  • The Springs
  • Wekiva Club
  • Wekiva Cove
  • Wingfield North
  • Wingfield Reserve
Windermere
  • Balmoral
  • Bellaria
  • Belmere Village
  • Butler Bay Windermere
  • Casa Del Lago
  • Chain Du Lac
  • Eden Isle
  • Estates At Windermere
  • Glenmuir
  • Isleworth
  • Keene's Pointe
  • Kelso On Lake Butler
  • Lake Burden
  • Lake Butler
  • Lake Cawood Estates
  • Lake Cypress Cove
  • Lake Down
  • Lakes Of Windermere
  • Manors At Butler Bay
  • Marina Bay
  • Oxford Moor
  • Reserve At Belmere
  • Reserve At Lake Butler Sound
  • Silver Woods
  • Summerport
  • Sunset Bay
  • Tildens Grove
  • Tuscany Ridge
  • Westover Club
  • Westover Reserve
  • Willows At Lake Rhea
  • Worthington Park
Winter Garden
  • Alexander Ridge
  • Avalon Estates
  • Avalon Reserve Village
  • Bay Isle
  • Belle Meade
  • Black Lake Park
  • Black Lake Preserve
  • Bradford Creek
  • Bronsons Landing
  • Cambridge Crossing
  • Carriage Pointe
  • Covington Chase
  • Covington Park
  • Cypress Reserve
  • Deer Island - Winter Garden
  • Emerald Ridge
  • Glynwood
  • Hickory Hammock
  • Isles Lake Hancock
  • Johns Cove
  • Johns Lake Pointe
  • Lake Avalon Groves
  • Lake Hancock Preserve
  • Lake Cove Pointe
  • Lake Roberts Landing
  • Latham Park
  • Oakglen Estates
  • Oakland Park
  • Johns Landing
  • Orchard Hills
  • Orchard Park
  • Overlook At Hamlin
  • Palisades
  • Regency Oaks
  • Reserve At Carriage Pointe
  • Signature Lakes - Independence
  • Stone Creek
  • Stoneybrook West
  • Summerlake
  • Verde Park
  • Waterleigh
  • Watermark
  • Waterside
  • Westfield Lakes

Real Estate Market Reports

  • Apopka Market Report

Interactive Map Search

Buying & Selling Made Easy

 Freshest Data Available
 Active Listings Only
 Customizable Search Options
 New Listing Alerts
 Instant Home Value Assessments

The Home Buying Process

 

Mortgage Calculator

Amount of Loan
Annual Interest Rate
%
Term of Loan
Years
Calculate

Does not include any taxes or fees.
Please consult a financial professional.

Buyer Resources

  • Buyers Guide
  • 6 Steps to Owning a Home
  • Determine Your Readiness
  • Loan Pre-Approval
  • Loan Options to Consider
  • Questions & Requests for the Lender
  • Loan Application Document Checklist
  • Mortgage Calculator
  • First Time Homebuyers
  • Down Payment Assistance
  • Home Criteria & Searching
  • Previewing Homes
  • Making an Offer
  • Effective Contract & In Escrow
  • How Escrow Works
  • Common Buyer Mistakes
  • Home Inspections
  • Appraisal
  • Closing Costs - General
  • Closing Costs - Insurance
  • Closing Costs - Loan Fees
  • Clear to Close & Closing Day
  • Post-Closing Action Items
  • Buying New Construction
  • Buying Foreclosures
  • Market Reports
  • Credit Facts | Pulling your Credit Reports
  • Real Estate Glossary

Seller Resources

  • Contingencies In Contracts
  • Curb Appeal Checklist
  • Get The Highest Price
  • Home Appreciation
  • How To Stage Your Home For Sale
  • Inspection Tips
  • Listing Commissions
  • The Listing Contract
  • Ready to Sell Your Home?
  • Role Of The MLS
  • Sell One, Buy Another
  • Seller Reports
  • Setting The Sales Price
  • Staging Checklist
  • Tax Closing Costs
  • Why Homes Don't Sell

Connect With Us

    

Translate Site

  • Home
  • Buying
  • Featured Properties
  • Selling
  • What's My Home Worth?
  • Foreclosures
  • Market Reports
  • Recently Sold
  • Blog
  • Testimonials
  • Meet the Team
  • Contact Us

Rock Springs Realty
3780 Rochelle Lane
Apopka, FL 32712
(407) 252-8092
info@rockspringsrealty.com



© 2017 All Rights Reserved | Privacy Policy

Advanced Searches

  • Condo Search
  • Zip Code Search
  • MLS # Search
  • Sold Search
  • Address Search
  • Foreclosure Search
IDX Real Estate Websites by
• Accessibility • Terms • Privacy