Bank Owned Homes For Sale in Lake Mary, Florida
Do you like getting a good deal? I know I do. Some of the best deals available in the current housing market can be found when you buy a distressed property. If you’re patient you can buy a short sale home [often found in move-in condition] or if you have a specific timeline and don’t want the uncertainty of a short sale, you can make an offer on a bank owned home.
A foreclosure has already been repossessed by the bank who held the note at the time the homeowner defaulted and is now being offered for sale by the bank in an attempt to recoup some of it’s investment. Purchasing a bank owned home typically requires a 30 to 45 day escrow timeline with the buyer agreeing to pay per-diem penalty to extend the closing beyond the agreed upon closing time frame.