Fact: A lot of homes currently on the market in Florida are distressed properties. According to floridarealtors.org's research on distressed property there are at least 550,000 units for the state of Florida alone at the end of 2011.
Distressed properties are homes that have gone through foreclosure or are being sold as short sales.
Short sales generally happen-- when the home is underwater. So the homeowner decides to sell the property (as agreed with the lender) for less than the balance of the loan instead of foreclosing. You can find additional facts on short sales in this link.
Fact: Get better deals in terms of pricing for foreclosed homes compared to traditional sales.
The lender or bank is trying to get these properties sold the soonest time possible, thus, list prices of foreclosed properties are lower than current market price compared to regular sales.
Fact: If you want a well-maintained and good-to-move-in condition home, short sales are the best option.
These homes are mostly owner-occupied and since the owners want to have their home sold quickly, they are likely to keep it well-groomed, newly painted or renovated.
Fact: Distressed property sales have different dynamics than that of a traditional sale.
The paperwork is more tedious and the transaction process for foreclosed properties or short sales are often longer than a regular sale transaction.
On this note, you need to work with an agent who has a thorough knowledge on this type of market.
If you are weighing the options of buying foreclosed homes or a short sale, contact me, John Soliman. I am a Certified Distressed Property Expert and this is my expertise. You should have a Real Estate expert on your side to ensure you find the best home at the best price you can afford. My consultation is completely free with no obligation. Call me at 813-442-3246.
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