By Wayne Gebhardt, Broker/Owner, Homesaver Real Estate, Stuart, FL. Working with bank-owned and REO properties since 2008. Last updated November 14, 2026.
The short answer: to get an offer accepted on a bank-owned home in Florida, send it through the listing agent with a pre-approval letter or proof of funds, offer close to what the home is really worth in its as-is condition, keep your terms simple, and be ready to sign the bank's addendum and meet every deadline. Banks pick the offer most likely to close, not always the highest price.
I list bank-owned homes for lenders and help buyers purchase them, so I see these offers from both sides. Here is what makes a bank say yes.
How many bank-owned homes are for sale on the Treasure Coast right now?
As of November 14, 2026, the MLS shows about 10 foreclosure and bank-owned listings in Martin County and about 47 in St. Lucie County, most of them in Port St. Lucie and Fort Pierce. Prices run from under $100,000 for condos and manufactured homes to over $1 million. The numbers change every week, so check the current Martin County bank-owned listings and all Treasure Coast foreclosures.
Before you make an offer
1. Have your money documented
Most banks will not review an offer without a pre-approval letter (for a loan) or a recent bank statement showing the funds (for cash). Some banks also ask buyers to get pre-qualified with a lender they choose. Have these ready before you find the house, because good bank-owned homes often get several offers in the first days.
2. Know what the home is worth as-is
The bank's list price is usually based on a broker's price opinion or an appraisal. Your offer should be based on recent sales of similar homes nearby, minus what it will cost to fix this one. Walk through with a contractor if you can, and look for the expensive items: roof age, water damage, mold, the AC, plumbing, and missing appliances.
3. Check what the bank will not tell you
The bank never lived in the home, so it will usually say it has no knowledge of defects. Before you offer, or at least during your inspection period, check:
- Open or expired permits and code violations with the city or county building department
- For condos and HOA homes, whether there are past-due dues or special assessments, and the association's approval rules
- Flood zone and the cost of insurance, especially if the roof is older
Writing the offer
| Offer item | What banks like to see |
|---|---|
| Price | A number supported by comparable sales. Very low offers are often countered or ignored. |
| Proof of funds or pre-approval | Attached to the offer, dated recently, matching the buyer's name. |
| Escrow deposit | A meaningful deposit, delivered on time. It shows you are serious. |
| Contingencies | Few and short. An inspection period is normal; a home-sale contingency usually is not accepted. |
| Closing date | Realistic for your lender. Banks often charge a daily fee if the buyer is late. |
| Repairs | None requested. Bank-owned homes are sold as-is. |
In Florida, offers on bank-owned homes are often written on the Florida Realtors/Florida Bar "AS IS" residential contract, then submitted through the listing agent or the bank's online offer system.
If the bank asks for "highest and best"
When there are several offers, the bank may ask every buyer for their highest and best offer by a deadline. This is usually your one chance to improve price and terms, so decide ahead of time on the most you will pay for this house in its condition. A clean offer with strong proof of funds can beat a slightly higher offer that looks less likely to close.
After the bank accepts: the addendum
The bank will send its own addendum to sign. It usually overrides parts of the Florida contract, and it often changes things like:
- How long the inspection period is, and how you cancel
- Daily per diem fees if you close late
- Which closing costs each side pays, which can differ from what is customary in Florida
- The type of deed, often a special warranty deed
- Limits on what the bank must fix or disclose
Read it before you sign, and ask questions. Once it is signed, the deadlines in it are the ones that count. I walk through the full process in How Bank-Owned (REO) Purchases Work in Florida.
Special rules for some bank-owned homes
- Fannie Mae and Freddie Mac homes have a First Look period when only buyers who will live in the home (and certain nonprofits and public entities) can make offers. If you plan to live there, this is a real advantage.
- HUD homes are bid online through a HUD-registered broker, not with a regular contract offer. See buying a HUD home in Port St. Lucie.
- Foreclosure auctions held by the county clerk are different again: usually cash, with no inspection and no contract like the ones above. Most buyers are better served waiting until the home becomes bank-owned and is listed.
Frequently asked questions
Can I offer less than the asking price on a bank-owned home?
Yes. Banks negotiate, especially on homes that have been on the market for a while or need major work. Back your offer with recent sales and repair costs.
Do I need my own agent to buy a bank-owned home?
You do not have to have one, but the bank's listing agent represents the bank. Your own agent can review the addendum, track deadlines and help you price the offer.
How long does a bank take to answer an offer?
It varies by bank. Some answer in a day or two; others take a week or more, especially when several people at the bank must approve it.
Can I get a mortgage on a bank-owned home?
Often yes. Homes in poor condition may not qualify for every loan type, so talk with your lender early about the home's condition.
This article is general information, not legal or financial advice. Each bank and agency has its own rules, and they change. Confirm details for a specific property with your agent, lender and, when needed, a Florida real estate attorney.
Looking at a bank-owned home on the Treasure Coast?
I can tell you what similar homes have sold for, what the bank's addendum means, and how to write an offer the bank will take seriously.
Call or text Wayne at 772-600-4836 or email Wayne@Homesaverrealestate.com.
Wayne Gebhardt, Broker, Homesaver Real Estate LLC, 395 SW Sally Way, Stuart, FL 34997