SOME GOOD NEWS ABOUT FORECLOSURES IN WEST PALM BEACH AND SURROUNDING AREAS.
We have sold a lot of the low to average price homes in foreclosure, although buyers still face some difficulties financing especially if they don't have fantastic credit. A lot of these foreclosure are being sold to cash buyers and investors who rehab and resell the property to make a small profit or place them for rent to have some steady cash flow. In the areas of West Palm Beach and surrounding communities, rentals keep going up because of the present demand and investors can definitely have a "nice bonus" when the properties start appreciating in value again. And, the rental demand keeps on growing since there's no new construction and families who lost their homes have to live somewhere. Foreclosures and pre-foreclosures inventory in the West Palm Beach and surrounding areas is down from where we were a year ago but there are some great buys and owners who need to sell have finally realized they need to bring the price down to be competitive in this market.
Some good news for those looking for foreclosures. It's expected we should be seeing more of the foreclosed homes held by the lenders which have been in foreclosure limbo for some time. They're slowing being released to the market for sale.
I've been getting more calls lately from cash buyers who prefer to buy real estate at these low prices and have something solid, trying to stay away from the unpredictable stock market. The West Palm Beach and surrounding areas have always been sought after by many. Now is the best time to own your place in paradise! Don't forget to bring the "Proof of Funds". As always, "Cash is King".
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