Closing In: Florida Zombie Foreclosures
If you’ve come across the term “zombie foreclosures” in recent months, it wasn’t referring to voodoo parlors whose priests couldn’t pay the mortgage.
Not exactly dead, but not exactly alive, they are properties stuck in a kind of zombie-like limbo. They are homes that have been abandoned by their former owners at some point before foreclosure. Now they are sitting there, accumulating ongoing taxes, liens, and gradual deterioration while the bank decides what to do (or not do) about them.
According to RealtyTrac, there are probably 302,000 “zombies” nationwide, so the odds are, some are going to be here.
Whenever you search for bank owned properties in Florida, keep an eye out for the zombies. Because the legal owner has moved on, he or she is likely to be highly motivated to sell via a short sale. But…while Florida bank owned properties — those that have completed the foreclosure process — have any outstanding taxes clearly listed on court records, a zombie property may be harder to investigate. That’s one reason why knowing you are dealing with a zombie is important.
Before writing an offer for zombies or bank owned properties, inspecting is vital. If a home spent time as a zombie before being listed in foreclosure, damage could have resulted from neglect, or even vandalism (nowadays, copper piping is a frequent target). Lack of central heating during cold and wet periods can lead to mold — and zombies seldom pay utility bills.
Some areas are more affected by foreclosures than others, and a concentration of zombie properties creates its own problems. An empty neighborhood is more likely to attract squatters or looters; neither of which help property values. But in some areas, that’s a temporary situation. Realistically gauging a neighborhood’s impact on long-term value is a key part of the common sense approach that makes for good investing.
Zombie foreclosures aren’t exactly alive, not quite dead, and not really foreclosures, either (at least not yet). I’m happy to report that even as the market heats up, you can still identify bank owned properties in Florida that are worth investigating. Contact me today!
Having the right real estate agent means having an agent who is committed to helping you buy your new home with the highest level of expertise in your local market. This commitment level has helped Bold Real Estate Group build a remarkable track record of delivering results.
Are you tired of scouring the newspaper and MLS listing sites looking for homes in Florida? Tired of playing telephone tag with Realtors only to hear the home’s already sold? Sit back, relax and let Bold Real Estate Group and our team of professional Realtors do the work for you! Just visit our website and check off the properties you’re looking for. This service is FREE and there’s no obligation!
About the Author: Millie Gil has been a successful Licensed Real Estate agent for over 25 years in Florida. Millie is Vice President of Bold Real Estate Group, a boutique agency committed to concierge personalized service for discerning buyers, sellers and renters of residential and commercial properties. For more information please forward your request to communityinfo@comcast.net or contact office 772-224-1634
www.Northeast-Florida-Relocation.com
www.RavelloCommunityPortStLucie.com
Leave a Reply
You must be logged in to post a comment.