Today's real estate market is abundant with terms of shorts sales and foreclosures and the best time to buy a property for a "good deal" is when it is an official Bank Owned property. This means it is completely through the foreclosure property, all appraisals have been completed, the bank has a completed file on the property and it wants to get this property off their books as soon as possible.
In the month of June, 2008, there were over 20,000 foreclosures filed in the state of Florida. These are homes both over the $ 500,000 price point with the best inventory in newer homes from $ 150,000 to $ 250,000. Many of these homes are brand new and never lived in and they are in great repair. Yes, there are those homes that have been stripped and abused and some of these are great buys but the new owner has to be willing to accept them in "as is" condition and willing to repair and improve at these discounted prices.
Summerfield, Fl which includes retirement communities of Stonecrest and Del Webb Spruce Creek Golf and Country Club and The Villages have been included in this overwhelming market of Foreclosures and Bank Owned(Real Estate Owned)properties. These are homes in golf course and retirement communities.
The difference in these properties and the "Short Sales" that the media describes is that the Foreclosed properties are ready to be sold. There is not a waiting period of submitting an offer and then waiting, sometimes 60-90 days for a counter offer which many times is greater than the asking price. Buyers are finding that these short sales are causing disappointment at the end of negotiation as the bank is truly not ready to discount the price at the time.
Looking for great deals in real estate in the North Central Fl market including Ocala, Summerfield and The Villages, Fl contact us at 352 547 1077 or email us at Crystal@CrystalMcCall.com.
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