If you are like anyone today, you believe there are fabulous deals in real estate, and all you have to do is FIND them.
Yes, Virginia, there are deals in real estate, especially if you have cash, and a terrific credit score.
Let's look at the online auction in Jacksonville, since so many buyers believe auctions are where the REAL deals are.
For the date of 6/9/09, there were a total of 40 auctions schedule on the online auction site:
Of these, 21 were canceled PRIOR to the auction, either by court order, the attorney, or the plaintiff. So, over 50% of the available auction properties were canceled. That's a fairly high percentage, and as you can imagine, if you had your eyes on one particular home that was canceled, you'd be frustrated.
When will that home be re-scheduled for auction, you ask? Good question - the plaintiff (owner) can petition the court for cancellations and continue to postpone the sale; not forever, but I have heard of some cases that have languished on for a very long time.
Many times, however, if there are bidders interested in a property for a "steal", it's good to keep in mind the bank has bidders themselves, to protect their interests. They may have lent $1,500,000 on the house, and they will not sell it for $500,000 - without at least trying to do so themselves. So remember, you are bidding against the bank.
If you are interested in purchasing a foreclosure, investment property, or first home, please contact me to help you navigate the process. I will help you find the homes that fit your needs, budget and financing.
Carol Zingone is a Broker Associate with living and working in Jacksonville Beach, FL with Prudential Network Realty. 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 email@example.com