Florida Foreclosed Homes Reward Sharp Eyed Buyers

Florida Foreclosed Homes Reward Sharp Eyed Buyers

You may have seen the reports — and they are correct — that the number of new foreclosures has dropped almost everywhere throughout the country. Although the Mortgage Bankers Association’s report about the drop in non-seasonally adjusted foreclosure starts might indicate otherwise, this fall, sharp-eyed buyers can still find any number of foreclosed homes in Florida. For those whose goal is to find an appreciably nicer home at a lower-than-average price, a few basics shed light on the process.

Short sales differ from foreclosures. Although the sale price may be a good deal less than what is still owed on a loan, it may be more or less than the actual value of the home. A foreclosed home in Florida is one that is actually owned by the bank holding the underlying loan — with the previous homeowners already having moved on.

Success in the foreclosure realm means saving money by buying Florida foreclosed homes — and it means being aware of the motives of the lender. First, any bank will typically offer foreclosed homes on an as-is basis. To keep losses in check, no repairs will have been made on the property. Some homes may be in fine condition, but others will not. That’s why it’s so essential to be willing to pay for an inspection on the property: it’s the only way to know exactly what you are getting into before you sign on the dotted line.

Unless you have prior success in buying Florida foreclosed homes, it is universally recommended that you enlist a buyer’s agent to help throughout this process. An agent can advise you whether or not the property value is in line with the market for comparable properties in comparable condition. While you can work with the bank on your own, it is advantageous to have an experience real estate  professional to assist at the bargaining table.

If you are interested in buying foreclosed homes in Port St. Lucie, Palm City, Stuart this fall, why not contact me today to discuss your search parameters? The values really are out there to reward the patient — and anyone willing to put in a dollop of elbow grease!

Are you tired of scouring the newspaper and MLS listing sites looking for homes in Florida?  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 and communities you’re looking  for www.BoldRealEstateGroup.com  is FREE and there’s no obligation!  or send us an email communityinfo@comcast.net  for additional information on all the real estate services we offer.

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Author Millie Gil:  I have been in the real estate service business in Florida for many successful years and will be here for many more. This longevity and confidence comes from my residential lending and real estate services to great buyers and sellers, and their recommendations to others that result in repeat and referral business that keeps me productive and successful. Doing real estate relocation is also a passion, by assisting transferees with every residential or commercial real estate need.  I know that “Relocations occur for business reasons, but more often they succeed because of a combination of family needs that are met”.  My commitment to my clients is that I work diligently and quickly to produce results.   I assist  buyers, sellers, renters and investors in real estate transactions spanning all of the price ranges and property types.  I am fluent in English and Spanish with a strong network of real estate professionals worldwide.