Nearly half of the homes in for sale in Florida are "distressed properties."
Distressed Properties are homes that have either gone through foreclosure or are being marketed as "short sales." In a short sale, the homeowner is experiancing a financial hardship which has or will enabled them to maintain the mortgage, but the lender - rather than foreclosing - agrees to the sale of the property for less than the balance of the loan.
These types of sales have different dynamics than traditional sales - with more paperwork, often a longer transaction process and, in some cases, more frustration. For these reasons, many buyers shy away from foreclosures or short sales.
However, if you understand the potential pitfalls of purchasing a distressed property - and work with an agent who has a thorough knowledge of this market - you can get a great home at a great price.
To learn more contact Michelle Burgos, CDPE, REALTOR with RE/MAX PowerPro Realty
SEARCH FOR YOUR DREAM HOME
Comments(2)