Those with the capital, vision and guts can make money in this real estate market. Unfortunately many have two of the three components! In my case, it is the capital.
Today's real estate market in Brevard County, Florida offers excellent opportunities in the re-sale, foreclosure and short sale markets for single family homes and condominiums. Not all the deals fall into the "distressed property" category.
I had an inquiry a few days ago asking what "distressed properties" really included. My response (edited, etc)...
"Basically there are two types of distressed sales in this market - short sale and foreclosure. Foreclosure is sometimes called bank owned or REO (real estate owned). A short sale is a situation where the probable sale price will be less than the mortgages(s)....Depending on the property, some foreclosures have been "stripped" by the owner before the foreclosure takes place. I have seen appliances, vanities, cabinets, garage door opener, AC units ...you name it removed! Some foreclosures really are only shells.....Most short sales are still owner occupied. Short sellers try to maintain the property in good condition because hey want the best price so the lender will sign off on the contract. This process can take months..... One important thing to keep in mind is that although they are distressed sales - they are not going to give them away. But they will sell for a discount!
I am not a fortune teller but I do know real estate is cyclical. It will go back up. And when it does it will be those who had the capital, vision and guts who will likely reap the rewards.
If you are interested in short sales, foreclosures, and other good deals on real estate in Brevard County, Florida, let me know.
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