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Foreclosed Home – Bad Idea?

September 17, 2020 by Nick & Cindy Davis

REO or real estate owned foreclosed homes can offer great deals but watch out for downsides that may occur with any foreclosure, like maintenance or permitting issues.

 

Purchasing a Foreclosed Home from the Bank - Bad Idea?

Purchasing a Foreclosed Home from the Bank – Bad Idea?

 

Question: We are considering a home in a great neighborhood however are nervous since the house was foreclosed by the bank, who is now selling it. Is this a bad idea?

Foreclosed homes sold by lender’s “REO” or real estate owned department can be purchased at a favorable price, but there may be some downsides.

The same can be said for foreclosed homes bought by real estate investors on the courthouse steps.

If you take these potential issues into consideration, you could find yourself paying an excellent price for your new digs.

REO purchase contracts are very one-sided, so you’ll want to review the terms carefully. It would help if you also considered that your seller never lived in the home and may not have even visited it in person.

Combine this with the fact that the majority of people do not spend much time and money caring for a house they are about to lose to foreclosure and that it could have been empty for an extended period, and you must be extra diligent.

It is essential that you thoroughly inspect the condition of the home both with a general inspector and follow up with specialists for any concerns noted in the report.

It’s also advisable to have a land survey done and check with the municipality to ensure that there are no code violations or permitting issues.

Speak with the neighbors to see if they are aware about any issues with the property.

If the seller made repairs, you’ll want to carefully check them to ensure that they are not just hiding more extensive issues.

If you notice anything that does not make sense to you, whether in the contract, with the city, or the condition of the home, get an experienced professional investigate it to make sure that what you are buying suits your needs.

Ready to find your new home here in the Tampa Bay and Surrounding Areas? Nick, Cindy & Nicholas Davis with RE/MAX Premier Group are here to assist you with all your Real Estate Needs. We are always available at 813-300-7116 to answer your questions or you can simplyย click here and we will be in touch with you shortly.

Need to get started with your mortgage process? You can contact Kyle Edwards with Iberia Bank at 813-495-5131, or simply click here to start your online application.

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All Homes For Sale in & Around Tampa

  • List View
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  • 523 Deville Drive E, Largo, FL
    523 Deville Drive E
    Largo, FL
    Photo of 523 Deville Drive E, Largo, FL 33771 (MLS # TB8402883)
    $470,000
    • Lot Size
      8,277 sqft

    • Home Size
      1,799 sqft

    • Beds
      3 Beds

    • Baths
      2 Baths

    • Year Built
      1958

    • Days on Market
      1

  • 4210 Vicenza Drive #D25, Venice, FL
    4210 Vicenza Drive #D25
    Venice, FL
    Photo of 4210 Vicenza Drive #D25, Venice, FL 34293 (MLS # A4657227)
    $308,000
    • Lot Size
      20.13 ac

    • Home Size
      1,383 sqft

    • Beds
      3 Beds

    • Baths
      2 Baths

    • Year Built
      2004

    • Days on Market
      1

    View Virtual Tour
  • 600 Bay Leaf Drive, Poinciana, FL
    600 Bay Leaf Drive
    Poinciana, FL
    Photo of 600 Bay Leaf Drive, Poinciana, FL 34759 (MLS # TB8402899)
    $285,900
    • Lot Size
      3,921 sqft

    • Home Size
      1,795 sqft

    • Beds
      3 Beds

    • Baths
      3 Baths

    • Year Built
      2025

    • Days on Market
      1

  • 9994 Key Haven Road, Seminole, FL
    9994 Key Haven Road
    Seminole, FL
    Photo of 9994 Key Haven Road, Seminole, FL 33777 (MLS # A4657663)
    $749,000
    • Lot Size
      1,743 sqft

    • Home Size
      2,248 sqft

    • Beds
      3 Beds

    • Baths
      3 Baths

    • Year Built
      2024

    • Days on Market
      1

  • 10135 Glen Moor Lane, Port Richey, FL
    10135 Glen Moor Lane
    Port Richey, FL
    Photo of 10135 Glen Moor Lane, Port Richey, FL 34668 (MLS # W7876372)
    $280,000
    • Lot Size
      6,534 sqft

    • Home Size
      1,622 sqft

    • Beds
      3 Beds

    • Baths
      2 Baths

    • Year Built
      1973

    • Days on Market
      1

  • 163 Sweet Circle, Winter Haven, FL
    163 Sweet Circle
    Winter Haven, FL
    Photo of 163 Sweet Circle, Winter Haven, FL 33884 (MLS # G5099095)
    $110,000
    • Lot Size
      4,792 sqft

    • Home Size
      1,456 sqft

    • Beds
      2 Beds

    • Baths
      2 Baths

    • Year Built
      1987

    • Days on Market
      1

  • 2314 Lake Woodberry Circle, Brandon, FL
    2314 Lake Woodberry Circle
    Brandon, FL
    Photo of 2314 Lake Woodberry Circle, Brandon, FL 33510 (MLS # TB8400989)
    $200,000
    • Lot Size
      872 sqft

    • Home Size
      1,184 sqft

    • Beds
      2 Beds

    • Baths
      3 Baths

    • Year Built
      2001

    • Days on Market
      1

  • 915 Beach Road #321, Sarasota, FL
    915 Beach Road #321
    Sarasota, FL
    Photo of 915 Beach Road #321, Sarasota, FL 34242 (MLS # A4657632)
    $625,000
    • Lot Size

    • Home Size
      940 sqft

    • Beds
      2 Beds

    • Baths
      2 Baths

    • Year Built
      1972

    • Days on Market
      1

  • 4207 S Dale Mabry Highway #6212, Tampa, FL
    4207 S Dale Mabry Highway #6212
    Tampa, FL
    Photo of 4207 S Dale Mabry Highway #6212, Tampa, FL 33611 (MLS # TB8402819)
    $209,500
    • Lot Size

    • Home Size
      772 sqft

    • Beds
      1 Bed

    • Baths
      1 Bath

    • Year Built
      2001

    • Days on Market
      1

  • 2811 Grandbury Grove Rd, Lakeland, FL
    2811 Grandbury Grove Rd
    Lakeland, FL
    Photo of 2811 Grandbury Grove Rd, Lakeland, FL 33811 (MLS # L4954130)
    $390,000
    • Lot Size
      6,534 sqft

    • Home Size
      2,696 sqft

    • Beds
      5 Beds

    • Baths
      3 Baths

    • Year Built
      2021

    • Days on Market
      1

  • 5012 Cherry Laurel Way, Sarasota, FL
    5012 Cherry Laurel Way
    Sarasota, FL
    Photo of 5012 Cherry Laurel Way, Sarasota, FL 34241 (MLS # A4657131)
    $899,000
    • Lot Size
      30,492 sqft

    • Home Size
      2,900 sqft

    • Beds
      3 Beds

    • Baths
      3 Baths

    • Year Built
      1988

    • Days on Market
      1

    View Virtual Tour
  • 561 Vineyard Way, Poinciana, FL
    561 Vineyard Way
    Poinciana, FL
    Photo of 561 Vineyard Way, Poinciana, FL 34759 (MLS # O6321927)
    $219,900
    • Lot Size
      4,356 sqft

    • Home Size
      1,240 sqft

    • Beds
      2 Beds

    • Baths
      2 Baths

    • Year Built
      2004

    • Days on Market
      1

    View Virtual Tour
  • 303 70th Street NW, Bradenton, FL
    303 70th Street NW
    Bradenton, FL
    Photo of 303 70th Street NW, Bradenton, FL 34209 (MLS # A4657672)
    $359,900
    • Lot Size
      10,890 sqft

    • Home Size
      1,424 sqft

    • Beds
      3 Beds

    • Baths
      2 Baths

    • Year Built
      1980

    • Days on Market
      1

  • 18164 Turning Leaf Circle, Land O Lakes, FL
    18164 Turning Leaf Circle
    Land O Lakes, FL
    Photo of 18164 Turning Leaf Circle, Land O Lakes, FL 34638 (MLS # TB8402838)
    $335,000
    • Lot Size
      3,921 sqft

    • Home Size
      1,532 sqft

    • Beds
      3 Beds

    • Baths
      2 Baths

    • Year Built
      2022

    • Days on Market
      1

  • 2175 Edythe Drive, Dunedin, FL
    2175 Edythe Drive
    Dunedin, FL
    Photo of 2175 Edythe Drive, Dunedin, FL 34698 (MLS # W7875008)
    $529,900
    • Lot Size
      8,277 sqft

    • Home Size
      1,399 sqft

    • Beds
      3 Beds

    • Baths
      2 Baths

    • Year Built
      1970

    • Days on Market
      1

    View Virtual Tour

See all All Homes Around Tampa.
(all data current as of 7/1/2025)

Listing information deemed reliable but not guaranteed. Read full disclaimer.

 
 

Filed Under: 2020, Advice, Buying a home, Buying a home 2018, Florida Housing 2018, Home buyers, Home buying, Home Ownership, Housing Market 2018, Housing Updates 2018, Moving, RE/MAX Agent

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