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Central Florida Foreclosure Search

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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

2802 N Powers Drive Unit 3 (Apt 14), Orlando image
2802 N Powers Drive Unit 3 (Apt 14), Orlando — 14 $84,000 ▼

Your 2-bedroom/1 bathroom Orlando condo home in a quiet oasis community is waiting for you. The gated community of Oak Shadows is an Owner Occupied Community (no renters ...

  • 2 Beds
  • 1 Baths
  • Oak Shadows Condo SubDv.
  • 32818 Zip Code
3320 S Citrus Circle Unit 1410, Zellwood image
3320 S Citrus Circle Unit 1410, Zellwood $109,000 ▼

Lovely 2-bedroom 2 bath home in Zellwood Station with a nice floor plan. Large rooms and a nice Sunroom to relax in. Theres a little workshop to tinker in as well. Zellwo...

  • 2 Beds
  • 2 Baths
  • Banbury Village Condo SubDv.
  • 32798 Zip Code
3815 Starks Street, Orlando image
3815 Starks Street, Orlando $116,600

Auction Property. AUCTION - Great investment, fixer upper home is located in the city of Orlando. Home features 2 beds, 1 bath, an attached garage, and sits on a large lo...

  • 2 Beds
  • 1 Baths
  • Washington Shores 2nd Add SubDv.
  • 32805 Zip Code
7900 County Road 109f-1, Lady Lake image
7900 County Road 109f-1, Lady Lake $137,800

Auction Property. This affordable 3 bed, 2 bath manufactured home sits on a large lot in rural Sumter County. Home will need major repairs to include flooring, foundation...

  • 3 Beds
  • 2 Baths
  • Oakland Hills Sub SubDv.
  • 32159 Zip Code
4519 Lenox Boulevard, Orlando image
4519 Lenox Boulevard, Orlando $151,500

Terrific investment opportunity or home for large generational family. No HOA. 4 beds, 2 baths and fireplace.

  • 4 Beds
  • 2 Baths
  • Washington Park Sec 01 SubDv.
  • 32811 Zip Code
1071 Love Lane Unit 2, Apopka image
1071 Love Lane Unit 2, Apopka — Na $158,000 ▼

Here's the end unit TOWNHOME-STYLE condo in an excellent location you have been waiting for! Whether you are a first time home buyer, looking to downsize or if an investo...

  • 2 Beds
  • 2 Baths
  • Vineyard Condo Ph 01 SubDv.
  • 32703 Zip Code
2979 Mckinley Lane, Sanford image
2979 Mckinley Lane, Sanford $162,450 ▼

Multiple offers in. All Highest and best offers are due by 12 noon on Friday 3/17/23. Three bedroom, one and a half bathroom single family home. Fenced in yard with stora...

  • 3 Beds
  • 1.5 Baths
  • Lincoln Heights Sec 1 SubDv.
  • 32771 Zip Code
25 Cayman Cir, Umatilla image
25 Cayman Cir, Umatilla — 25 $175,500

Welcome to your new home located at 25 Cayman Circle in the beautiful town of Umatilla, FL! This property is the perfect place to call home, offering a perfect blend of c...

  • 3 Beds
  • 2 Baths
  • Lake Mary Estates SubDv.
  • 32784 Zip Code
44725 Farmland Road, Deland image
44725 Farmland Road, Deland $182,000

If you are looking for something private, this gem is a diamond in the rough! With almost 10 ACRES of land, the possibilities are extensive. Located on a dead end road ...

  • 3 Beds
  • 2 Baths
  • Farmland SubDv.
  • 32720 Zip Code
1045 Love Lane Unit 12, Apopka image
1045 Love Lane Unit 12, Apopka — N/A $182,500 ▼

PRICED REDUCED go and see this unit and see it is ready to move in, Here is an amazing opportunity to own your beautiful home in the city of Apopka. This spectacular home...

  • 2 Beds
  • 2.5 Baths
  • Vineyard Condo Ph 02 SubDv.
  • 32703 Zip Code
2906 4th Street, Orlando image
2906 4th Street, Orlando $199,900

Rare fine with acreage close to jobs, schools and shopping. Features 2/1 with huge, fenced back yard, shed and metal carport. Multi offers exist.

  • 2 Beds
  • 1 Baths
  • East Orlando Estates SubDv.
  • 32820 Zip Code
1709 28th Street, Orlando image
1709 28th Street, Orlando $199,900

This home is move in ready . Newer appliances and flooring is perfect for your new home. You will find 2 bedrooms with newer carpet The home is located in RIO GRANDE T...

  • 2 Beds
  • 1 Baths
  • Rio Grande Terrace Add 06 SubDv.
  • 32805 Zip Code
4526 Kirkland Boulevard, Orlando image
4526 Kirkland Boulevard, Orlando $200,000

Wow! Great first time or investor 4 bedroom, 2 bathroom home offered at an amazing price! Located in the lovely, quiet Richmond Estates. Large living room, large bedrooms...

  • 4 Beds
  • 2 Baths
  • Richmond Heights SubDv.
  • 32811 Zip Code
755 Forest Street, Winter Springs image
755 Forest Street, Winter Springs — 755 $218,500 ▲

Auction Property. Auction Property. Title work is complete. Ready for a buyer!! The CASH ONLY auction starts April 2nd and ends April 4th. This could be your true, "diam...

  • 2 Beds
  • 2 Baths
  • Wildwood SubDv.
  • 32708 Zip Code
5132 Conroy Road Unit 932, Orlando image
5132 Conroy Road Unit 932, Orlando — 9 $219,900

This is a great 3 Bedroom 2 Bathroom Condominium in the heart of Orlando just a few minutes from Millenium Mall and Universal close to I-4 and the Turnpike. Call Today!

  • 3 Beds
  • 2 Baths
  • Residences At Villa Medici Condo SubDv.
  • 32811 Zip Code
653 Golden Sunshine Circle, Orlando image
653 Golden Sunshine Circle, Orlando $229,900 ▼

Great location Priced reduced ,close to downtown via 408 and south to OIA airport, This home is in move in condition and new carpet and paint. Also find great appliances ...

  • 2 Beds
  • 1.5 Baths
  • Florida Villas SubDv.
  • 32807 Zip Code
3745 Griffin View Drive, Lady Lake image
3745 Griffin View Drive, Lady Lake $235,900 ▼

JUST REDUCED!!! Rare Home Perfect for Horse or Animal Lovers!!! 3 Bedroom 1 Bathroom Home Sits on a Oversized 1.5 Acre Lot Just Minutes from Everything. Home has an open ...

  • 3 Beds
  • 1 Baths
  • 32159 Zip Code
32809 Timberwood Drive, Leesburg image
32809 Timberwood Drive, Leesburg $237,500 ▼

Look no further, you're home! Lovely spacious, open 3 bedroom 2 bathroom concrete block & stucco home in a premier Active 55+ Gated Community with no CDD, 24 /7 Security,...

  • 3 Beds
  • 2 Baths
  • Pennbrooke Ph 01h SubDv.
  • 34748 Zip Code
1224 Dustin Drive, Lady Lake image
1224 Dustin Drive, Lady Lake $240,000

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
5955 Branch Drive, Orlando image
5955 Branch Drive, Orlando $274,900

THIS COZY 1/2 A DUPLEX IS READY FOR YOU TO MOVE IN. THIS 3 BEDROOM 2 BATH HOME IS IN THE PERFECT LOCATION AND IS FULL OF UPGRADES AND RENOVATIONS. THIS IS ALSO CLOSE TO...

  • 3 Beds
  • 2 Baths
  • Countryside SubDv.
  • 32822 Zip Code
3431 Bretwood Drive, Orlando image
3431 Bretwood Drive, Orlando $279,900

This 3 bedroom home is move in ready. You will find newer carpet and flooring also newer appliances. Property is close to shopping and schools. Please note all informati...

  • 3 Beds
  • 2 Baths
  • Bretwood SubDv.
  • 32808 Zip Code
5602 Lesser Drive, Orlando image
5602 Lesser Drive, Orlando $284,900

LOOKING FOR A MOVE-IN CONDITION HOUSE. LOOK NO FURTHER!!! THIS OVER 2000 SQUARE FOOT HOME IS READY FOR YOU. THE PROPERTY HAS BEEN UPDATED AND INCLUDES A NEW KITCHEN, F...

  • 3 Beds
  • 1.5 Baths
  • Clearview Heights Second Add SubDv.
  • 32818 Zip Code
1780 Chatham Circle, Apopka image
1780 Chatham Circle, Apopka $309,900

Welcome to 1780 Chatham Cir, a charming single-family home located in the heart of Apopka. With 1,912 square feet of living space, there is plenty of room for everyone to...

  • 4 Beds
  • 2.5 Baths
  • Chelsea Parc SubDv.
  • 32703 Zip Code
477 Lancers Drive, Winter Springs image
477 Lancers Drive, Winter Springs $314,900

YOU WILL FIND THIS 3 BESROOM 2 BATH HOME READY TO MOVE IN. THE HOME HAS BEEN UPDATED WTH NEWER APPLIANCES, CARPET AND PAINT. ALSO THE LOCAL SCHOOLS ARE GREAT, ALONG WIT...

  • 3 Beds
  • 2.5 Baths
  • Mount Greenwood Unit 5 Of SubDv.
  • 32708 Zip Code
25221 Chipshot Court, Sorrento image
25221 Chipshot Court, Sorrento $339,900 ▼

*PRICE REDUCED - This delightful and spacious 3 Bedroom plus Den / 2 Bath home is nestled in the sought-after golf cart community of Fairways at Mount Plymouth. With 2056...

  • 3 Beds
  • 2 Baths
  • Fairways At Mt Plymouth Ph 04 SubDv.
  • 32776 Zip Code
3520 W Lina Lane, Apopka image
3520 W Lina Lane, Apopka $344,900 ▼

SEE ATTACHMENTS...Awesome opportunity to own this Ranch style diamond in the rough 3 Bedroom 2 Bath Pool home with so much potential, located in sought after West Beverly...

  • 3 Beds
  • 2 Baths
  • West Beverly Terrace SubDv.
  • 32703 Zip Code
5680 Grand Canyon Drive, Orlando image
5680 Grand Canyon Drive, Orlando $349,900

Auction Property. Two-story home on a quarter acre lot with plenty of square footage! Don't miss out on this opportunity! This is a fantastic location, close to lots of s...

  • 4 Beds
  • 2.5 Baths
  • Canyon Ridge Ph 01 SubDv.
  • 32810 Zip Code
6312 Buford Street Unit 604, Orlando image
6312 Buford Street Unit 604, Orlando — Promenade Condominium Phase 1 $399,900

Auction Property. Welcome to your dream condo inside the gated community of Promenade! This exquisite 3 bedroom, 2 bathroom condo on the 6th floor offers the perfect comb...

  • 3 Beds
  • 2 Baths
  • Promenade Condo SubDv.
  • 32835 Zip Code
112 Spanish Bay Drive, Sanford image
112 Spanish Bay Drive, Sanford $405,000

This beautiful home is move in ready and perfect for entertaining!! You will enjoy the large updated kitchen with granite counter tops, freshly painted, newer carpets PLU...

  • 4 Beds
  • 2.5 Baths
  • Monterey Oaks Ph 1, A Rep SubDv.
  • 32771 Zip Code
3415 Pinebrook Court, Orlando image
3415 Pinebrook Court, Orlando $409,900

GREAT LOCATION IN THIS DISIRABLE GOLF COURSE COMMUNITY OF VENTURA COUNTRY CLUB. VENTURA IS A GUARD GATED COMMUNITY WITH 18 HOLE SEMI-PRIVATE GOLF COURSE, PRO SHOP & DRIVI...

  • 2 Beds
  • 2 Baths
  • Cherry Hill Village SubDv.
  • 32822 Zip Code
1800 Silver Valley Court, Apopka image
1800 Silver Valley Court, Apopka $439,900 ▼

Located in the lovely, gated community of Sweetwater West, discover this single-family with ample opportunity for everyday living. The open floor plan is perfect for ent...

  • 4 Beds
  • 2 Baths
  • Sweetwater West SubDv.
  • 32712 Zip Code
8843 Hastings Beach Boulevard, Orlando image
8843 Hastings Beach Boulevard, Orlando $445,900

Move in ready 3 bedroom 2 bath home with newer appliances and ceramic tile and carpet also laminate floors. To relax you will find a screen porch to relax. Great Commun...

  • 3 Beds
  • 2 Baths
  • Vista Lakes Vlgs N-8 & N-9 SubDv.
  • 32829 Zip Code
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3780 Rochelle Lane
Apopka, FL 32712
(407) 252-8092
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