Bank owned homes in Central Florida are creating a frenzy among home buyers lately. With investors landing at OIA daily you end up with a little not so friendly competition for buyers looking for bargains.
Unlike short sale which can take up to seven to eight weeks for a response, bank owned real estate tends to be priced very attractive and response time on offers is usually under a week.
Just this weekend looking through the Florida MLS (Multiple Listing Service) of Mid Regional I was taken back on all the pending sales (homes under contract). Searching town homes in Dr. Phillips for a buyer that’s interested in The Vistas at Phillips Common, nice gated community off of Wallace, there are only 4 active homes (with one of them signing a contract Monday) 12 pending sales and the activity is not just in this community.
Working with a couple of investors from Canada and another from Connecticut this past month for condominiums we are seeing the same kind of activity. The Hamptons at Metrowest, whether you like this area or not the pending sales are piling up with 40 pending and 69 units for sale and that’s just in the Hamptons.
Buyers tired of the short sales of past and the inability of getting an accepted offer are turning to bank owned. An increase in bank owned homes this past year are increasing because of the short sale process of 2008. The process was not streamlined with the understanding in a buyers market buyers are not going to wait around for a couple of months waiting for an initial response to an offer. If short sales don’t work they usually end up at the court house steps and turn into bank owned and that’s what we are seeing in 2009. Even sought after Dr. Phillips real estate has it’s share of bank owned homes being picked through and seeing multiple offers within days on the market.
