Hi Tania, (I'm happy to find another Alonso in the market!)
Let me walk you through them one by one:
-Where should I go, and who should you contact?
There are several ways to find and buy a house from a bank (But they may also be owner by an Association if the auction came from an HOA Assessment foreclosure):
Contact the bank directly: Some banks have their own REO departments or dedicated webpages listing properties they’ve repossessed.
Check REO listing platforms: Sites like RealtyTrac, Auction.com, or HomePath.com (Fannie Mae) and HomeSteps.com (Freddie Mac) specialize in bank-owned or government-backed REOs.
Look on traditional real estate websites: Many REOs are listed publicly on Zillow, Redfin, Realtor.com, or the MLS (Multiple Listing Service).
Search county records: If you check the County Property Appraiser's website, you can sometimes see when a bank has taken ownership. All County Appraisers must show the owner name. If it is a Bank or Financial Institution, you may have found a gem.
Check court records or foreclosure auction results: You can look at your local Clerk of Court’s website and see recent properties where the winning bidder at a foreclosure auction was the plaintiff (usually the bank). Those are now likely REOs.
-How do you buy it?
You’ll need patience and negotiation skills. Banks may act like they're firm on price or uninterested, but trust me, they're very motivated to sell. They want cash, not inventory. And right now in Florida, it’s a buyer’s market. We’re seeing historic levels of unsold properties, many sitting on the market for months or even years, with regular price cuts. This is the perfect time to ask for concessions: repairs, closing costs, or even deeper discounts.
One big caution:
Be very careful about the type of deed the bank is offering. If they’re selling the property via a Quit Claim Deed (QCD), that means they’re not guaranteeing a clean title. Always run a full title search before closing, and ideally work with a title company or real estate attorney. Otherwise, you might end up inheriting liens or legal issues tied to the property.
Hope this helps!
