Foreclosure
Stay up late one night and flip through the channels of your television. Chances are, you'll find an infomercial or two about foreclosures. In this market, buyers are looking for the best possible deal and some people try to pitch foreclosure properties as the Holy Grail of house deals. This can be misleading (as informercials tend to be). It's important to know how foreclosures work and what to really expect.
A foreclosure property is nothing more than a property in which the debtor has failed to pay the mortgage and had the rights to his or her property forfeited by the bank. The fact that the property is a foreclosure property does not mean that the bank will simply give it away. Like any seller, they want to get the most money out of the property as they possibly can - they want to make all their money back. In this market, many home owners bought at the peak of the real estate boom and they now owe more to the bank than their house is currently worth. Even in these cases, the bank is looking to recoup what it is owed, leading to another house on the market with an inflated price. In many cases, the bank would prefer not to foreclose on a property because they stand a good chance of losing money in the process. When this is a likelihood, they might consider a short sale instead.
Don't let radio advertisements and late-night infomercials fool you. In most cases, a foreclosure property is not a better deal than any other home on the market. Even in today's slow market, no home with a drastically reduced price would stay on the market for long, yet there are currently more than 1,000 foreclosure properties on the market in Orange and Seminole counties. Obviously, these homes are not the ultimate unbelievable deal, or they would be gone already. That doesn't mean that you shouldn't look at foreclosure properties. It just means that you must be very careful and do your homework, as you should with all house hunting, before making an offer. If you are looking to purchase foreclosure properties, I will be happy to assist you. I can help you with your homework and help you make a good decision. Take a look at some of the most recent foreclosure homes to come on the market on our foreclosure properties list. For a more complete list and more information about foreclosure properties, please feel free to contact me by emailing me or calling or texting me directly at (407) 421-1052.
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