Bank Owned Property

[FlaBoundGal]

Originally Posted by GregTraub

What do you mean not many well paying jobs???? Lockheed Martin, Siemens, UCF, Technology corridor, etc. C'mon there is a high concentration of well paying jobs in this area! Just because there are alot of low paying retail jobs that the college students fill doesn't mean the area doesn't have great paying jobs.

I am in the Professional and Technical Communications field. For example: creating manuals for software documentation, graphic design (CS3), flash animation, video production, website design (Dreamweaver), and technical writing and editing. Are you aware of any companies in East Orlando that do this kind of work? I am doing a job search and am not familiar with all of the companies in that area. Plus, any idea what Disney and Electronic Arts pay salary is for Designers?

[Canadianmom1973]

who has worked with Canadian buyers? We are looking for a second home, because of our budget we're thinking either foreclosure or short sale is the way to go. Feel free to pm me. Thanks!

[vacationhomes]

Prozario,

There are many variables to this question.
One will be how long it has been listed as a bank owned home.
Have they reduced the price any since it was listed?

I work mainly in the Davenport area, if you need any assistance, feel free to drop me a line.

[GregTraub]

Originally Posted by FlaBoundGal

I am in the Professional and Technical Communications field. For example: creating manuals for software documentation, graphic design (CS3), flash animation, video production, website design (Dreamweaver), and technical writing and editing. Are you aware of any companies in East Orlando that do this kind of work? I am doing a job search and am not familiar with all of the companies in that area. Plus, any idea what Disney and Electronic Arts pay salary is for Designers?

Sorry, Don't know of the specific companies doing that kind of stuff

I know UCF has a good career services website, but I don't think you can get on if you are not an alum or current student, I beleive those jobs are usually posted on sites such as orlandosentinel.com or monster, careerbuilder, etc.

[aberrad]

Originally Posted by prozario

I am looking at few bank owned property around $200K range in Davenport. Can someone give me some idea how much bank would typically go down from their asking price. Keeping in mind that bank has to pay taxes, maintenance etc. so they might be bit motivated to sell. Has anyone done recently - how much can I expect them to go down from asking price.

Best thing to do is to keep track of the inventory of foreclosures.
This is the entire list:

Foreclosures

From my personal experience, every piece of property is unique and it will depend on a lot of factors.

1) Name of the Bank (some are looking for top dollars)
2) Condition of the property
3) Is it a mutliple offer situation?
4) Days on the market
5) Location

Every situation is unique and you will have to analyze all these facts before submitting an offer.

Hope this helps.

[cfIfan]

BANK OWNED properties are usually better to deal with because the bank has already taken care of any liens on the property. Keep in mind, if someone is in a short sale or foreclosure their mortgage isnt the only bill they dont pay. Typically there are liens for taxes, HOA dues utilities, the list goes on and on. That is why they state listing price may not cover all incumbrances. If the owner doesnt have any money you would have to pay all of these liens to be able to clear the title and close, because if the title isnt clean, transfer of ownership cant occur. If they are really under the likely hood is you would have to pay also for ALL realtor commissions and all closing costs. These types of sales take along time to go through and can cost more in the end that a normal aggressively priced property. There are deals on the regular market if you are prepared to look.

[Kaci]

I'm looking at a home that is banked own and it mentions 'not a short sell'. What does that mean? ALso, the property has been on the market for about 4 months. Is the bank willing to 'deal' if I paid cash for the property? Thanks, K

[GregTraub]

Often the agent that has the home listed advertises it as NOT a short sale as short sales are notorious for going no where and wasting everyone's time. A home already owned by the bank is much quicker and easier to deal with.

Banks are always ready to deal on their properties, some things you should look at though when making your offer are how many and how long ago was the property reduced in price, recent sales in the area, and even which bank actually owns the home can all effect what kind of deal you can work out with them.

If your purchasing cash, all the better. If the property needs work or has had a contract fall through already due to condition and financing problems related to condition, cash buyers can rule and with a little help negotiate a great deal.

[aberrad]

Originally Posted by Kaci

I'm looking at a home that is banked own and it mentions 'not a short sell'. What does that mean? ALso, the property has been on the market for about 4 months. Is the bank willing to 'deal' if I paid cash for the property? Thanks, K

A lot of Buyers have been avoiding lately the short sales since the process is a little more involved. It usually takes a long time before you hear an answer from the Bank. There are a lot of variables to take into consideration and careful guidance from a professional is needed.
The seller is basically asking the permission of the Bank to sell the property for less than is owed on the mortgage.


With the Bank owned properties, the process is a lot more simple since the Bank already took possession of the property. They usually get back to you within 24 to 48 hours and the bank is motivated to sell the house.

[NikoTroi]

We are closing on our bank owned property this Friday. We heard back w/in 48 hours. We got it for $14k less than their asking price and they paid $5k closing cost asst. It appraised for $39k over what we paid.

The owner took excellent care of it. You could tell they didn't want to loose it. The inspection only showed a honey-do list, not a repair list. Little things like the rubber around the garbage disposal is rotted away.

The odd thing about the house is it is missing 2 doors. One from the laundry room into the house and the other in the bathroom. Why someone would take 2 doors is beyond us, but they were gone.

If it was up to me, I would say bank owned is the way to go. Short sale you have to wait up to 12 weeks, the bank holds your escrow and you still may get outbid by someone else.