Check Out the Latest Foreclosures
Foreclosed homes are still very attractive to real estate investors and buyers looking for a deal. It is important to know the pros and cons of foreclosures, particularly if you have never worked with distressed properties before. Every experienced investor knows that foreclosures are rarely bargains and almost always include expensive renovations. Don’t be taken in by late night promises of buying pristine properties for pennies on the dollar because it rarely happens.
Foreclosures are getting harder and harder to find, but we’re here to help you in your search. If you are in the market for a short sale, foreclosed or REO property, please contact us to get the latest list. Though we display the most recent foreclosures listed in our MLS, not all properties make it online. They sell too quickly!
To be in the know when it comes to foreclosures, you need a licensed real estate agent working for you on the inside. We’d love to help you keep track of the latest opportunities in [area]. If you want to view properties today, please don’t wait for an email reply, call us at [phone] for the fastest service.
Some Foreclosures are Deals, but Not All
Foreclosures are usually distressed properties, often in poor shape with undocumented deferred maintenance. Once bidding begins, you are often forced to make decisions too quickly based on too little information. The seller, who maybe an heir or a lender, may require all cash and not allow you adequate time to inspect the property before buying it. The property may be encumbered by legal judgments, second mortgages and liens, which you may not discover until after the sale.
If you are determined to go this route, there are some essential tips to go by. Keep track of all the available listings in an area, either through the legal notices of the local newspaper, web sites of major lenders, local information provided by the county clerk or your realtor. You will need to be certain that there are not any liens against the property. Liens against the property, whether tax liens or creditor liens, can take a large sum of money and time to resolve. You need to do your due diligence on all properties before you make any offer.
Often times, the process is made easier by directly contacting a real estate professional. If you want a foreclosure house listed by HUD, you will have to go through a real-estate agent. Most agencies selling foreclosure properties offer compensation to real estate agents. An experienced agent can assist you in arranging inspections, obtaining pre-qualified financing, negotiating with the sellers and hiring contractors to do necessary repairs. A good real estate agent should also be able to provide guidance on which repairs are necessary and those renovations that will not pay for themselves. Many first time investors over improve properties and are not able to get that money back when they sell. Many states exempt foreclosure sellers from disclosure laws, meaning they do not have to disclose any information on the property. If you discover negative facts about the property after your purchase, you are stuck.
For more information about buying foreclosures in any Florida cities call (850) 516-4771.