Florida Bank Owned Property Sales - Fall 2009. Sales of Bank Owned constitute upwards of 50% of all sales and the volume is rising. Real Estate Asset Disposition Corp. is the leading seller of bank owned properties in Florida. As the Broker and Owner of the firm, I have seen tremendous growth in both the volume of REO properties and the volume of REO sales taking place in the past 90 days.
I attended a Fannie Mae conference this week during which a presentation was given on the backlog of foreclosure cases throughout Florida. While it varies by County, many areas are seeing a 6-month delay in holding foreclosure sales. Historically, there was a 4 week time-frame between the Final Judgment and the foreclosure sale being held, currently, the delay is 6-months in many areas including Miami-Dade County. The cause of the delays generally involve the large number of foreclosure cases in the County Court systems combined with reduced County staffing to administer the caseload.
The result of the backlog is going to be a longer but steadier stream of bank owned properties coming onto the market rather than a flood of new properties at once. The longer stream of bank owned properties coming to market should allow for the current price stabilization to continue.
Jim Banford, President
For more information on Bank Owned Propertes in Florida