Everyone has heard about the rise of foreclosures in the country, and what a great deal they are.  There are ads on radio, in newspaper, on the Internet, stating low sales prices and how these homes can be a new start for a first time home buyer.

There were approximately 1,516 foreclosed homes in Northeast Florida in 2008.  Of these, the low end of the price range was $4,200, and the high end was $1,350,000.  You can clearly see there are opportunities at all price points in all areas of Northeast Florida.

What do you need to be aware of when purchasing a foreclosure?  All types of details.  And, you need an experienced agent to help you avoid some common pitfalls when considering a foreclosed piece of property. All of these properties are being sold "As Is", meaning the seller is not going to make any repairs.

This varies from a standard real estate purchase: the due diligence period is very important with foreclosures, so the buyer knows what they are purchasing. Inspections can be more of a challenge with foreclosures, as well, since the utilities are not currently on, and you will want them on for the inspection period, at the very least to determine potential issues.   Once you close on the property it is yours, so if you haven't tested the HVAC unit for example, that could be a rude awakening in the summertime.

If you are interested in purchasing a foreclosure, get in touch with an experienced agent who has helped others purchase foreclosures. 

Carol Zingone is a Broker Associate with a 100% Customer Satisfaction Rating in Jacksonville Beach, FL with Vanguard GMAC.  She helps buyers and sellers throughout the Beaches, Intracoastal West and Greater Jacksonville, FL areas. She can be reached at 904/993-9048 or via email at carolzingone@clearwire.net