Lynn Byrne, Realtor
Daytona Beach Area Real Estate
Daytona Beach REO Properties
Call me today, or Email me, for custom REO, foreclosure and short sale listings. There are many properties available and it can be difficult to find the right properties for you. We can talk for a few minutes, and I'll create a custom list that meets your requirements and criteria. There's no obligation and no hassle.
Foreclosure and REO Listings
Beachside Daytona Beach Real Estate Foreclosure Listings - Include Daytona, Daytona Beach Shores, Ponce Inlet,Ormond Beach, Ormond by the Sea and Wilbur by the Sea
Ormond Beach Foreclosure Listings - All REO homes and condos in Ormond Beach
Many more foreclosure listings will be coming over the next two weeks. Call me or email if you need help immediately.
What is REO Property?
Real estate owned property is becoming a larger part of the Daytona Beach homes market. Real estate owned, or REO, is the term used when banks have completed the foreclosure process and are in possession, or own the property. Bank owned property is also used to mean the same as REO.
Let's be clear, banks have a dilemma. On one hand, they don't want to own real estate. It causes them lots of problems and expense. On the other hand, they want to get the best price when they sell their REO properties.
Most banks and lenders are not equipped to sell real estate. They hire real estate agents to list and market the properties. These agents and the banks set the price by using Broker Price Opinions (BPOs) from one, two, or three real estate agents who should be familiar with the area. The banks will also be in possession of an appraisal in most cases. The agents job is to sell the foreclosed (REO) property at the highest possible price.
How Can You Benefit from REO Property?
The real estate agent lists the property, but the bank is the owner and they will make the final decision on any offer that you present. So, why might these properties be a good option for you:
- Lower closing costs if you finance through the bank that owns the property
- Free and clear - there will be no hidden tax liens, contractor liens or IRS issues
- Many properties priced to sell
- You may be able to negotiate less than 20% down payment
Pre-foreclosures and foreclosures at auction may have strings attached. There may be liens against the property and it is your obligation to discover these before the sale. That means more risk for you. When the bank forecloses and takes possession of a property, these liens and the risk are removed.
You will be buying the REO property "AS-IS." It is absolutely critical that you have the REO property thoroughly inspected before purchasing and REO property. Make sure it is a contingency in your offer.
When considering buying a foreclosure home or condo, it's wise to look at all the options. Short sales can be a better deal in many cases because the bank is saving the cost of complete foreclosure. The downside is that it takes much longer for the bank to respond to short sale offers than REO offers. If you have patience, short sales may make more sense. Daytona Beach short sales are hot and I've helped quite a few buyers make good deals in the past six months. I've also helped buyers find good REO properties.
Get Expert Help
Of course I believe you have a better chance of getting the best deal if you work with me, I've been working the Daytona Beach market for over 12 years. But, if you don't work with me, please work with another knowledgable Realtor. This market is dynamic and tricky and you need expert help from an agent who is working foreclosure opportunities every day. I can hep you with Ormond Beach REO, Palm Coast REO, and Port Orange REO properties. More information on is available at Daytona Beach Foreclosures.
No this is not all the listings. I would love to show you them all here, but not all listings agents are providing the right code to display them automatically. If you see something you like, call me at 386-566-7503 for more information. If you would like to see more foreclosure listings, please call me or contact me by email. Just tell me what you're looking for - number of bedrooms / baths, house or condo, location and so on. If you're not sure, that't okay, I'll send you what I can dig up.