How can I find foreclosures in Jacksonville, Florida?
At MyJaxHomeTeam.com we make finding foreclosed properties easy. In fact, we keep the 50 most recently listed foreclosures in Northeast Florida updated on our home page daily. Just go to our HOME PAGE and scroll to the bottom to find the newest foreclosures on the bottom left corner.
Foreclosed properties are also called "bank owned" or "REO" properties. These properties often offer the best deals for buyers who are cash buyers or who have enough cash to make a substantial downpayment and qualify for a conventional loan.
That's not to say that there aren't opportunities for buyer's obtaining FHA or VA loans but there are fewer properties that qualify for those loans due to property condition.
Can you make lowball offers on foreclosed properties? Sure, but don't expect the banks to accept these offers; especially if the property has only been listed for a short time. The better properties often even sell for more than the list price because they still offer a great opportunity for the savvy investor.
We are here to help analyze the market to insure you do not pay more than fair market value. When facing competing offers on a foreclosure, keep in mind that banks, like any other seller, prefer quick, simple deals. It is super important to make a clean offer - the more skin you have in the game and the less you ask for, the more likely you are to win the bid.
Also, you need to realize that bank owned properties are sold "as is." Don't go in thinking you will be able to get the bank to repair anything and don't add unnecessary clauses to the contract; they aren't going to do it. In fact, the banks most often provide their own contracts which they require buyers to use. It's their way or no way!
We have lots of experience in assisting buyers with REO properties and we're happy to answer any questions you might have.
Subscribe to CommentsComment