How to buy Foreclosures in the current Real Estate Market November 2008
The 2008 Foreclosure Market in Brevard County Florida has some of the frenzy that was creating in the buying frenzy of 2004. Most Foreclosures are selling at close to 50 and 60 cents on the dollar from their highs of three years ago. As your Realtor, it is our duty to explain to you the best way to reach your goal of buying a foreclosure.
- Be sure your Realtor has placed your criteria into our Foreclosure Automatic Update System.
- Both the Agent and you, the buyer, will need to have a quick response attitude if you really want this home. These listings are going extremely quickly and if you are not quick, there will be multiple offers.
- It is the Listing Agents responsibility to present all offers to the bank or the seller. Therefore, when making your offer, be sure this is your highest and best offer.
- Prices of foreclosures are not very negotiable. Especially the aggressively priced listings. They sell quickly and at or higher than full price.
- The winning bid will almost always be full price or higher. If you really want a house, we would recommend bidding at least 5% or even 10% higher than the asking price. In most situations there will be multiple bids. Smart investors who realize how far down the prices of these homes have come, are jumping on the great deals. Almost every foreclosure is priced at their low.
- When making the offer, the less contingencies the better. It is unlikely the banks or corporations that own these properties will entertain paying closing costs or any other concessions.
- If you are financing, FHA loans are a more difficult on Foreclosed Homes. Many Foreclosed Homes have damage that may not be acceptable to FHA inspectors. Since these homes are all sold as is; the banks will not contribute any money to fix the home.
Our goal at Tropical Realty is to get you the best possible deal.. However, we also understand what is going on in the Foreclosure Market. Almost 70% of the homes we currently sell are Foreclosures. We understand them. Our goal is to not only get you excited about finding a property but also to give you the knowledge to be the winning bidder on your desired home!
As always, we look forward to helping you!
If you would like a list of Foreclosures in Brevard County, please go to:
http://melbournehomesearch.com/index.cfm/Foreclosure_Propery_List
One of our Realtors will send you a list asap!
