Many people believe they are going to get a steal buying a foreclosure. Though you may get more of a deal, the biggest advantage is sometimes for the non-investor because an owner occupant is given preferred treatment on many foreclosures in the first couple weeks it is on the market now. Unless you are bidding with cash on the courthouse steps or online auctions, you are not buying at a wholesale discount. Most listed foreclosures have gone through an expensive process and the lender (foreclosing bank) is expecting to recoup some of their loss. Once the bank has taken back ownership of the property (and it has NOT been sold off at auction) they sometimes complete minor improvements before listing it with a local firm, regardless you can expect the price to be at "market value." Not to say you won't get a deal but the expectations of a steal are in the past and for cash buyers at auction. The listings found in our search are bank owned properties and often will receive multiple offers. Be prepared by being pre-approved, able to offer a quick closing or cash offer in order to compete with other buyers. Some properties will only be able to receive a cash offer as they do not currently qualify for financing (usually due to condition or low price range).
Rencher Realty Group has sold many foreclosed homes both on the buying side and on the selling (lender / REO owned) side. We understand what is needed to get the sale completed and put our buyers in the best position possible to obtain the property. Some of our past clients have seen hundreds of thousands of dollars in profit and equity when they retained ownership of the property or flipped it after remodel. Home prices are steadying more but it is still possible to get a great home and what many would consider a deal. Look through the currently available inventory of where you want to buy using the search above or clicking below for all of the foreclosures in Orange, Seminole, Volusia, Osceola and Lake County.