The Orlando vacation home market has changed drastically since the beginning of 2009.  The inventory has been going down (Finally!) buyers are coming out of the wood works and buying holiday villa property close to Disney World and 90% of all the properties listed on the market in Kissimmee and Davenport under $200,000  are bank owned or short sale right now.  With all these new factors coming into play it’s time to shift your 2008 buying mindset to today’s reality of the market.  If you’re serious about successfully purchasing a bank owned property in Orlando for your vacation home than read on and take notes because believe it or not there’s feeding frenzy going on out there and it’s better to know now then when you get outbid on the home of your dreams.

1. The Bank Says: “Show Me The Money!”

cashofferonforeclosureorlandoAre you paying cash or taking out a loan on your Orlando home?  Cash offers always hold more weight with the banks than offers contingent upon financing. You should also know that most condominium communities in Orlando right now are not even qualifying for financing due to low COA delinquency rates.  If you’re buying a second home in Orlando, especially as a foreign national, then it’s best to liquidate any assets you may have first to free up the cash to buy because mortgages on second homes are not easy to get right now.  This will also allow you to earn more of an income when renting out your piece of Orlando real estate.

Orlando Bank Owned Property List

2. Multiple Offer Situations On The Rise
Take it from me, I do this everyday for a living and am way too busy for hype, almost all bank owned foreclosure properties in Davenport, Kissimmee and Clermont (zoned short term rental) under $200,000 have multiple offers on them.  Why? This is simply because the banks are generally pricing the properties so low right now that it’s attracting so much attention creating bidding wars on the properties.  The last three bank owned properties in the Disney area I sold all went for over full asking price.  My clients were being outbid at full price and this is happening everyday! So don’t be fooled by the 2008 nay-sayers that are claiming you can pick up a foreclosure for 20% below market value.  They are right but not entirely, the Orlando area bank owned properties are already listed 20% below market so even at full price they are a bargain.

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Erica Muller

Davenport, FL

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The Flamingo Group

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