This is a new edition in a series of blogs about Real Estate in Central Florida. I currently blog about What's Hot & What's Not in Orlando, a weekly look at the top listings for sale and recently sold properties.

This series will go over my top picks of bank owned real estate in both Seminole & Orange County, FL. I will break down my top picks by area and price points. Each week will feature a new list of real estate for sale.

Definitions:
REO stands for Real Estate Owned or Bank Owned and it refers to a property that has gone back to the bank, or the mortgage company, after an unsuccessful foreclosure auction.

A short sale is a property that is for sale where the value of the property is less than the amount owed to the bank(s) that have lent on the property, thus the seller is asking the bank(s) to accept something "short" of what is owed.

Price	Area	Beds/Baths	Link to Property
Under $150,000	Orlando	4BE/2BA	East Orlando UCF Bank Owned Real Estate
$150,000-$200,000	Sanford	3BE/2BA	Sanford Pool Home Bank Owned Real Estate
$200,000-$250,000	Apopka	5BE/3BA	Apopka Bank Owned Real Estate
$250,000-$300,000	Ocoee	6BE/3.5BA	Ocoee Bank Owned Real Estate
$300,000-$400,000	Lake Mary	4BE/2BA	Lake Mary Pool Bank Owned Real Estate
$400,000-$500,000	Winter Garden	5BE/4BA	Winter Garden Pool Bank Owned Real Estate
$500,000-$600,000	Orlando	5BE/4.5BA	Dr. Phillips Bank Owned Real Estate
$600,000-$750,000			NOTHING THIS WEEK
$750,000-$1 mil	Orlando	4BE/4BA	Bay Hill Bank Owned Real Estate
Over $1 Million	Windermere	6BE/11.5BA	Lake Butler Home Bank Owned Real Estate

Using an FHA home loan to purchase an REO property can sometimes be impossible, unless you have an agent who knows the system. REO properties will request that all contracts be AS-IS. FHA has lowered it's requirements over the years but there are still issues that an appraiser will flag that could hinder a buyer from purchasing a home such as WDO items and active leaks. However by using certain streamline programs with and FHA loan we can still get you that home financed.

I have helped 5 families in the past month successfully purchase bank owned properties at a heavily discounted price plus all of their closing costs paid and a home warranty! Their maximum out of pocket expense towards the home was $1000.

Want to see the post from series pasts? Click the dates of interest:  Bank Owned Properties 11/19/2008

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For information on buying, selling, or auctions in Central Florida, Orange County and Seminole County, new construction, bank owned, short sale and foreclosure properties and Relocation services contact your Lake Mary Real Estate Agent Heather Joubran @ 407-810-6304 or hjoubran@remax.net.