Looking for a retirement home in the Sunshine State of Florida? Hoping to find a home and investment option among the range of properties offered in Florida foreclosure listings? There are plenty of bank foreclosures to choose from Statewide. Over 21,700 new filings were recorded in May, up 144% from May 2006, or 1 filing for every 336 households. Many properties in pre foreclosure, with some equity will not make it to auction, or even exchange hands as traditionally a large proportion will be refinanced or avoid foreclosure by entering into work out options with the lender. Even so, inventories of unsold foreclosure properties, predominantly single family homes, are higher than the national average, more than meeting the demand from locally based investing professionals.
Among the frequently asked questions on our forum and blog pages are those of the new investors and homebuyers centered around the same subject; help us educate ourselves so we buy right and avoid the unforgiving mistakes that mean we end up paying full market price for REO or a property in foreclosure!Our advice always tackles the two areas of pressure from inexperience a new investor will come under whether looking at opportunities to buy equity in pre foreclosure or at the auction, or whether to build equity with sound negotiation tactics after the auction, purchasing REO; Lender and Bank owned and the vast range of Government and Institutional property.
The first is lack of education and with that the risk of costly mistakes from inadequate research, not identifying all the liens and judgements, not identifying all the defects in the property itself, not knowing the risks in buying “as is”.
The second area identified as subject to pressure is a lack of a firm, detailed strategy, with a specified price or profit goal, and a detailed formula allowing quick recalculations if necessary to counterbid (for a bank foreclosure offer) or simply as a basis for what to offer for a HUD property.
Don’t get me wrong, this is a great question “Tell us how to work out our maximum offer price?” To respond lucidly, with a set of worked through examples, is both a responsibility and a rewarding opportunity in itself.
More Resources
- foreclosed properties
- North carolina foreclosure listings
- ohio bank foreclosures
- georgia bank foreclosures
- virginia bank foreclosures
- pennsylvania foreclosure listings
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Written by Alex Rolim.
