The hottest thing in Ocala real estate right now are foreclosed properties. Foreclosures vary widely but most are newer homes purchased by investors at pre construction prices who had hoped to flip them for a profit. As the market changed the values of these homes declined, the owners defaulted on their loans and the banks foreclosed.
Foreclosured homes are mostly concentrated in the lower price ranges and in areas of Marion county where there were a lot of speculative building like the Shores, Marion Oaks and Rainbow Park.
In a foreclosure the house is sold "As Is with right to inspect". In Florida the seller is often asked to make repairs found during the home inspection up to a certain limit set out in the purchase agreement. In a foreclosure the buyer, at his expense, can hire a home inspector to look for major problems with the house and if the inspection isn't satisfactory the buyer can walk away from the transaction. Foreclosures have often sat vacant for months or even years. Some have been vandalized. Some don't have kitchen appliances. Others are found in more remote areas of a sub division. There can be a reason the house never sold at full price.
Despite the negatives, foreclosed homes in Ocala are a great bargain. I think the foreclosure market here in the Ocala area is just getting started and will continue well into 2009.
If you are interested in foreclosed homes in Ocala just let me know. I can set you up a Listing cart on the Ocala MLS that will load every bank owned house in the county or just areas and price ranges you select and email you a link automatically every time a new foreclosure gets listed.
Foreclosures aren't like regular homes that sit on the market for ever. They come online and the really great ones can be gone in days.
Call me, email me or use my Ocala Dream Home Finder and put foreclosures in the special desires section.
***NEW visit my Ocala Foreclosure Guide
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