Overview of Foreclosure Properties that are REO's and Bank Owned
 
Foreclosure, Bank (Lender) Owned or REO (Real Estate Owned), essentially have the same meaning and can be a great opportunity for homebuyers with many immediate financial benefits.  A foreclosure occurs when a homeowner defaults on loan payments such that the lender files a public default notice.  Oftentimes, the lender, or bank, will take ownership of the property with the intention of re-selling it. Prudential Network Realty’s Northeast Florida Foreclosure Listings include these specific types of listings.
 
The seller referred to in this type of transaction is a bank that owns the property outright.  This can be advantageous to buyers due to the fact that the bank owns the property, and therefore is not emotionally tied to the home as they want to move the property and reduce their money consumed by unoccupied homes.  This often results in foreclosure properties being below market value in order to encourage a quick sale.
 
In addition, buyers for this type of property work with the property owner (the bank) throughout the sale, as opposed to a short sale in which the buyer has to deal with both the home seller and the lender.  Working directly with the property owner tends to eliminate the significant time lags that are frequently seen in short sales, and tends to promote a more smooth and trouble free closing.  View our Foreclosure and REO properties or search our listing database for foreclosure properties in Northeast Florida.
 
Some Drawbacks to Foreclosure, REO Properties-
 
No disclosure statements as Property is Sold “As Is”
 
In a normal property purchase, the seller always prepares a property disclosure statement detailing any problems/issues with the property that the seller is aware of.  In a foreclosure purchase, the buyer purchases the property directly from the bank, and because no one from the bank has actually lived in the property, there is no disclosure statement provided to the buyer. 
 
In every foreclosure sale the property is purchased “As Is,” meaning that the seller will not pay for any repairs that are needed.  Essentially, what you see is what you get, so buyers need to be very diligent in assessing potential damage to the property, and in determining a realistic value for the property.  Other potential issues for buyers is the verbiage of a foreclosure sales contract can be worded such that minimizes the liability to the bank and prevents recourse from the buyer should any issues come up with the property after closing.
 
Utilizing a seasoned and knowledgeable real estate agent can be a huge benefit to check and navigate through these loopholes and is often essential in determining a realistic offer price.  Let us know how we can help you find and purchase a foreclosure property for you!

 

HUD Homes

Homepath by Fannie Mae

Economic Data for Zip Code 32225

Household Income Graph

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  • 60k-75k
  • 75k-100k
  • 100k-125k
  • 125k-150k
  • 150k-200k
  • 200k+

Note: Household Income figures are based on total household income.

* All numbers in this section are 2016 projections provided by Geolytics Inc

Demographics Data for Zip Code 32225

  • 3965Demographics bar graph: 3965Demographics bar graph: 3965
  • 4374Demographics bar graph: 4374Demographics bar graph: 4374
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  • 2673Demographics bar graph: 2673Demographics bar graph: 2673
  • 1891Demographics bar graph: 1891Demographics bar graph: 1891
  • 1238Demographics bar graph: 1238Demographics bar graph: 1238
  • 726Demographics bar graph: 726Demographics bar graph: 726
  • 802Demographics bar graph: 802Demographics bar graph: 802
  • 0-4
  • 5-9
  • 10-14
  • 15-19
  • 20-24
  • 25-29
  • 30-34
  • 35-39
  • 40-44
  • 45-49
  • 50-54
  • 55-59
  • 60-64
  • 65-69
  • 70-74
  • 75-79
  • 80-84
  • 85+

* All numbers in this section are 2016 projections provided by Geolytics Inc

Population Data for Zip Code 32225

  • 52,485Population 52,485
  • 59,044Population 59,044
  • 61,651Population 61,651
  • 2012 Census
  • 2014 Estimated
  • 2019 Projected

Households

  • Total (2010 Census):20,010
  • Estimated (Present):22,320
  • Projected (2019):23,307
  • Household Change (2010-Present) 11.54%
  • Household Change (2010-2017) 16.48%

Notes:

  • Figures in the Population Change graph represent total population for the zip code.
  • Estimated Change 2014 shows the percentage of population change between the 2012 Census and 2014.
  • Projected Change 2019 shows the projected percentage of population change between the 2012 Census and 2019.

* All numbers in this section are 2016 projections provided by Geolytics Inc

Public Schools in Zip Code 32225

  • Name
  • District
  • Grades
  • Address
  • City
  • Students
  • LANDMARK MIDDLE SCHOOL
  • DUVAL
  • 6th-8th
  • 101 KERNAN BLVD NORTH
  • JACKSONVILLE
  • 1,243

  • ABESS PARK ELEMENTARY SCHOOL
  • DUVAL
  • PreK-5th
  • 12731 ABESS BLVD
  • JACKSONVILLE
  • 746
  • FLORIDA VIRTUAL ACADEMY
  • FLVA
  • K-8th
  • 9951 ATLANTIC BLVD 319
  • JACKSONVILLE
  • 556
  • LONE STAR ELEMENTARY SCHOOL
  • DUVAL
  • PreK-5th
  • 10400 LONE STAR RD
  • JACKSONVILLE
  • 798
  • SABAL PALM ELEMENTARY SCHOOL
  • DUVAL
  • PreK-5th
  • 1201 KERNAN BLVD NORTH
  • JACKSONVILLE
  • 1,334

Private Schools in Zip Code 32225

  • Name
  • Grades
  • Address
  • City
  • Students
  • Grace Lutheran School
  • PreK-12th
  • 12200 McCormick Rd.
  • Jacksonville
  • 99
  • Holy Spirit Catholic School
  • PreK-12th
  • 11665 Ft. Caroline Rd.
  • Jacksonville
  • 277
  • SEACOAST CHRISTIAN ACADEMY
  • PreK-12th
  • 9570 REGENCY SQUARE BLVD
  • Jacksonville
  • 438
Community demographic data is provided by Geolytics Inc. Information is deemed reliable but is not guaranteed.

Schools listed are those in the Zip Code of the listing, but may not serve this address.
School Data provided by the National Center for Education Statistics (NCES).
All information provided is deemed reliable but is not guaranteed and should be independently verified. All properties are subject to prior sale or withdrawal. Data may not be reproduced or redistributed and may not be used for any purpose other than individual consumer's use.