Are you thinking about purchasing an Orlando REO property? If so, you need to make sure to pack a lot of patience going into this process. While the process of purchasing an Orlando REO property or better know as bank owned real estate is quicker then purchasing a short sale you need patience for another reason, multiple offers. Not just multiple offers on a property you may want, but also the fact that you will probably need to make multiple offers on multiple bank owned properties before one sticks.

As an REO listing agent here in Orlando I can give you a little insight into the process. 

1. First thing to keep in mind is that all banks will require you the buyer to utilize the services of a Realtor. The bank themselves use agents to list their properties and do not have the time to take offers from buyers so they field them through their agents. 
2. Banks will require that you are pre-approved in advanced of writing an offer, if paying cash you will need proof of funds to purchase the property. 
3. You will also have to submit proof of escrow deposit (good faith deposit) typically 1-3% of the purchase price.
4. In addition to signing a state FAR/BAR AS-IS, you will also need to sign bank addendums/bank contract. Sometimes this document doesnt come until after your offer is accepted. These contracts are generally one sided and limit your rights but cannot be changed. Having a top notch Realtor who has extensive knowledge in the REO field is important to minimize your risk. 
5. Your offer is then generally uploaded through an online submission site and all of the above documentation is required at that time or your offer is generally not looked at.

The offer that nets the bank the most money with the least amount of risk is chosen.

(Read more on what makes your offer stand out on bank owned properties)

For today's First Time Home Buyers purchasing REO property in Orlando they are running into multiple bids on properties, in this scenario the bank will generally ask all buyers to submit their highest and best offer. Most buyers think they will have the opportunity to counter and go higher and this is not the case, the bank will generally accept the highest and best offer or take the highest and best offer and counter that one, rejecting all the others.

For more question on Orlando Bank Owned properties or how to get started purchasing your first home or maybe first investment property contact me today.

Heather Joubran  Call or Text 407-810-6304  email:Heather@heathertherealtor.com    www.HeatherTheRealtor.com  or follow me on Twitter LakeMaryRealtor