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Tips For First Time Buyers & Foreclosures in Palm Beach County Florida Real Estate Market 2010

By
Real Estate Agent with Leibowitz Realty Group - Palm Beach Gardens, FL

If you are looking for real estate opportunities - don't give up on the Florida market. Yes, it's been a trying time for all. But, as with all markets, this too will pass.

Most everyone I know, knows I am a REALTOR. What the public does NOT know is: I can SELL and SHOW properties EVERYWHERE IN FLORIDA. A friend asked me the other day if I would be able to help her relative find a property on the water! DUH?!!! I had to just say, 'I am privy to those properties.' The public will never understand that a Realtor has all the information at their fingertips.

The public has no idea the information and the web applications Realtors use so that we can buy and sell property in different counties and states! The public does not know how powerful a Realtors knowledge is and the property information only WE can share because they don't see this!

Here is some advice should you be looking to purchase for First Time Buyers.

1) Work with a Realtor. If you don't know the Realtor, ask for references from past clients. Once you are satisfied with this person, you have to trust. Your REALTOR is able to see all the properties on the market that match your criteria in the area you are searching. Your REALTOR should be able to set up a search whereby you will have a link to these properties. If your REALTOR can't do that - find another REALTOR.

2) Forget everything you've heard about Foreclosures from your mother (especially if your mother just went through her own foreclosure - Sheesh! This DID happen recently) father, brother, sister in law & friends! Unless they have gone through the purchase process of a foreclosure - it is all HEARSAY.

3) It is a market for investors and those who have cash and can buy right now! If you need a mortgage and have not gone through the qualification process - forget about bothering until you know you can get a mortgage. Also, most FHA loans will not qualify a foreclosure. The Short Sale offers are extremely difficult and if you have to move and can't stay where you are, need to close. You may never hear back from the bank should your REALTOR have to submit to a bank, your offer. BANKS DO NOT HAVE TO REPLY.

4) If purchasing a condo, you need to know how much monthly maintenance you can afford. Just because the condo can be purchased for $50K does not mean you can pay the $1,000 monthly in condo fees!

5) Your Realtor has the information you need at their fingertips! Ask, and they will guide you to the source.

6) Have cash and can prove it with a bank statement OR a FULL approved mortgage from a Lender. If you need to find out how to get qualified for a mortgage - PLEASE ASK YOUR REALTOR - they have all the information you need to purchase a home.

7) Buy from a homeowner. You can negotiate with a homeowner. If your offer is not accepted, at least you will know in a few days vs a BANK offer, where you may never hear back.

8) Sellers have been educated and asking prices are realistic, in most cases. Ask your REALTOR for recent sales in that area for comparable sales. THIS IS FACT.

9) TAXES - in Florida you will pay the CURRENT property tax until November. Those taxes were on the 'last sale' of that property. The NEW tax will kick in NEXT year on the sale price. e.g You paid $100K - new tax will be approx $2,000 a yr, depending on which county it was purchased. But the CURRENT tax could be $5K a yr. Caveat Emptor!

10) Do your own Foreclosure searches. Here are some sites:

www.homesteps.com Freddie Mac

www.homepath.com Fannie Mae

www.hud.gov

www.Chase.com

www.countrywide.com

www.bankofamerica.com 

Some of these sites offer automatic alerts.

Now you know what I require to work with you www.tropicaldreamteam.com

Linda

 

 

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