Five Things You Need To Consider When Purchasing a Bradenton Foreclosure

By
Real Estate Agent with Remax Alliance Group

Now indeed is the time to act for those who want to own a home and take advantage of the relatively low cost of purchasing a foreclosed property.  The statistics are convincing. Real estate prices continue to bounce on the lows and there are a lot of foreclosed homes available in Bradenton Florida for the taking. 

For 2007 alone, there was a predicted foreclosure on more than one million homes across the US.  As to pricing, it was estimated that a foreclosed home can be purchased for up to 25 percent lower than its full market value. These Statistics are in line with what we have seen in our local Bradenton market.

Nevertheless, some important considerations have to meet in order to benefit from purchasing Bradenton foreclosures.  The smart buyers usually recommend several steps to consider, but all these can be summed up into five, as follows:

Diligence in the title search—Examine thoroughly the title of the foreclosed property up for sale.  Ensure that the title is free from any lien or other outside obligations that can be an unexpected financial burden to the buyer.  Try to avoid, for instance, those foreclosed properties that were under construction.

Professional property inspection—Visit the home site personally and also hire a professional home inspection.  Be on the look out for its depreciation. Many foreclosed homes are usually in a state of disrepair. Brokers or real estate companies selling such properties may undertake repairs at the direction of the bank but these minor improvements may not be enough to satisfy an individual buyer.  Be especially careful when considering foreclosed properties at auctions; more often than not these are in “as is” condition that require costly repairs or remodeling.

Opt for professional advice—The advice of a home appraiser is particularly useful for first-time home buyers.  These experts can provide a good estimate of what the home is really worth once certain improvements and repairs have been made if they are required.  

Budget well—Input to the total purchase cost the amount which may be expended in rehabilitating a foreclosed home.  This is also related to the thorough inspection of the home and professional advice needed before sealing a deal on the purchase of a Bradenton foreclosure. It would be advantageous to bring along a contractor to estimate beforehand the cost of house repairs or improvements.

Home community location—Basic to homeownership, the decision on the purchase of a foreclosure should also revolve around the near-buy amenities and attractions available.  For example, Bradenton foreclosures, as well as those in nearby Sarasota, get high marks.  This is because buying Bradenton real estate affords homeowners to partake of the many attractions within a Florida community.  It fulfills the many demands of vacation home living, such as close proximity to the beach, shopping and dining opportunities, top-notch sports and entertainment facilities, and other lifestyle options sought by home buyers. Foreclosure or no foreclosure, location is certainly something that needs to be considered and the Bradenton and Sarasota area receive high marks in this regard.    

Comments (2)

Letitia Stevenson
BHHS Fox & Roach | www.DelawareValleyRE.com - Greenville, DE
Listing Agent DE/PA/MD, Digital Marketer & Coach

Jerry, Welcome to the Rain! Active Rain is a great place to share your knowledge, expertise and thoughts, as well as network and learn so much from the vast pool of talent already onboard. If you would like to connect with me on ActiveRain Subscribe to my Blog!

Welcome Aboard and Much Success!

Dec 01, 2010 06:49 AM
Olympus Executive Realty Inc.
Olympus Executive Realty INC. - Orlando, FL
Home Of The Top Producers

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Dec 01, 2010 03:37 PM