When an individual or family is looking to purchase a home in Orlando, they may come across properties that are being sold by the owner, through a real estate agent, or as a foreclosure (i.e. a real estate owned (REO) property). A foreclosure home is one that is owned by the bank or a lender because the previous owner defaulted on their mortgage. According to Bank of America, there are two ways a person or family can purchase a home that has been foreclosed.
- Through a real estate agent.
Because many foreclosed homes are listed the same way “traditional” homes are, a potential homeowner can contact a real estate agent to help them find a home that fits their needs and is in their desired location.
- Through a public auction.
The Orange County Clerk of Courts Foreclosure Sales is responsible for conducting public auctions online for certain foreclosed homes. A potential home buyer can find the homes that are available by clicking here. When an individual finds a home they are interested in purchasing, they can place a bid on the foreclosed home. The person who submits the highest bid will gain the right to purchase the home. The Clerk’s website does state that anyone who is considering purchasing a foreclosed home via auction must be aware that the homes are sold “as is.”
When a home is sold “as is,” it means a buyer is responsible for conducting their own research to determine the condition of the home and its structures/fixtures, “its marketability, potential uses, zoning, and whether any other potential liens or other defects in the title exist.” Buyers should not assume that any defects or issues will be presented prior to the sale of a foreclosed home.
How to decide if a foreclosed home in Orlando, FL is the right choice for a home buyer?
There are a few resources a potential homeowner can use to help them decide whether buying a foreclosed home is the right choice for them. Potential home buyers should discuss the pros and cons with a real estate agent who has experience in the field along with a skilled Orlando, FL real estate lawyer. It is always a good idea for a home buyer, especially someone who is considering buying a foreclosed property, to hire a real estate lawyer in Orlando before bidding on a property as they can help determine if there are issues.
The last thing any new home buyer or investor needs is to purchase a home that comes with a load of legal issues or structural damage that could wind up costing them more than they wanted to payout. If an individual or investor is looking to purchase a foreclosed home in the Orlando area and wants to be sure the purchase is going to be in their best interest, they can contact the lawyers at Legal Counsel P.A.
Legal Counsel P.A. is located at:
189 S. Orange Avenue, Ste. 1800
Orlando, FL 32801
Email: [email protected]