So you’ve got the foreclosure and short sale bug! Uncle Ernie, or your sister Julie, or brother Tom has struck it big time and saved themselves thousands by purchasing a Florida Foreclosure or Florida Short Sale.
Now you have decided it’s your time in the sun and you want your special deal as well. So the big question is . . . are they still a deal? Can you really save thousands by purchasing a Florida home in foreclosure or Florida home subject to a short sale?
The short answer is . . . sorry, you are about 1-2 years late. But . . . stick around because I will reveal where the true deals are at the moment.
The market in the Florida area, especially central Florida turned about 2 years ago. Up to that point, you really could save thousands on a foreclosure or short sale, if you were willing to deal with the utter nonsense and BS from the banks and sellers.
How do I know that, and why should you believe me?
Well, our office is one of the top 10 or 11 offices in the nation and one of the top foreclosure real estate brokers. We have completed over 200 sales this year alone, a great portion of them foreclosures. And . . . my business partner and I have personally bought foreclosures, and/or sold short sales and advised others about the process as well. We know the market and live it every day. While some of the foreclosures and short sales are still good values, the days of hitting home runs are basically over. The huge REITs and Hedge Funds have taken over and scarfed up most of the great values.
The other trend that we are seeing is that banks and government backed foreclosures are pricing their inventory at or above market value. There is such a frenzy for foreclosures that people will buy a Florida foreclosure, even if it’s not undervalued, nor remotely a deal! And most often, if you do win the bidding process (and it’s almost always a multiple bidding process), you still have thousands of dollars of fix up and repair just to make your Florida foreclosure or short sale home livable.
This also doesn’t take into account the sheer arrogance and unresponsive attitude of the banks or Government agencies. They just don’t care. They don’t care if you do get the bid, they don’t care if you don’t. You sign away any rights to litigation as soon as you enter into the deal with them, and you may not realize that you agree to their right to walk away from the sale right up to the day of closing (and we have had it happen!). All of this, and you may have to wait weeks, months, or sometimes a year or so, to get the red tape and bureaucrats to finalize your sale and complete the closing.
The above is written from the “foreclosure” perspective. Short sales can be just as bad and sometimes a lot worse. Banks are the focal point of the transaction again, with all that implies, and a number of owners have two or more loans secured on their homes. Or unpaid property taxes or Home Owners Association fees. The propensity for complications, delays, mix ups and additional costs seems to be endless.
So can it go smoothly? Once in a great while, but it is not the norm.
If you are still convinced you can get a deal with a Florida Foreclosure or Florida Short Sale, we will need to have a conversation with you to be sure you understand and are qualified to chase after this market. My business partner regards them as generating a big risk to your blood pressure as well as your wallet, so don’t say you haven’t been told!
So, where are the deals right now?
The other market that has replaced Florida foreclosures and Florida short sales is the private seller niche. Not all homes for sale by private sellers are at market value. We have been experiencing great success with our clients by using our special search parameters to locate great deals and values. Want to take advantage of our special search process while it still works?
Call us now at 407-908-8023 or 407-702-8663