I have written three blogs since the first of January which discussed bank owned homes in Key West. I thought readers would like to see the actual price the banks received. Let's take a look. Click the address to read the blog. This will help readers appreciate the bargain the buyers got - well that two buyers got.
3222 Riviera Drive, Key West. Offered at $1,190,000. SOLD at $1,225,000. Multiple offers. Sold immediately.
1200 Whitehead Street, Key West. Offered at $912,000. SOLD at $1,351,000. Multiple offers. Sold immediately.
909 Southard Street, Key West. Originally offered at $629,900 and reduced to $614,900. SOLD at $597,000. This house has a good location on an excellent street. It had a small lot and no off street parking. It needed work - a lot of work.
I realize that a lot of prospective buyers think that they can get a "deal" by buying a bank owned property. Some buyers do get deals. Some actually show up at the courthouse steps and bid on properties when the county sheriff sells them. That's always risky. Very risky. I don't care how many sales presentations you go to hosted by tv personalities, buying something you have not been inside or have legal knowledge about can be perilous. Banks and foreclosing law firms do make mistakes and buying blindly is fraught with disaster. But sometimes buyers who take big risks get big rewards.
I think it makes more sense to work with a knowledgeable and experienced Realtor when buying any property but especially when buying some other person's loss. There is normally a reason why a person lost a property to a bank instead of selling it himself.
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