What's The Value of a Bank Owned Property?

The short answer to that is what ever someone is willing to pay. 

If you're looking for a foreclosure in Pinellas County and think you can get a property that you can move into right away for pennies on the dollar, think again. Just like all the other homes for sale, values are going up and distressed properties are no different. And like everyone else, the banks want to get as much money as possible to recoup the loss they have taken due to the owner defaulting in their mortgage and the cost of foreclosing. 

As you can see in the chart above, the price that people are willing to pay for a foreclosed property is going up. Most foreclosed properties are in much need of repair and can only be purchased as a cash transaction because the property will not qualify for homeowners insurance and as we all know, if you can't get insurance, you can't get a loan. 

So if you're thinking of buying a foreclosed property to live in, get with your Realtor and get the facts first. It's definitely not for everyone, especially first time home buyers. 

If you're looking for a home in Pinellas County, give me a call for a no obligation consultation to see how I can best help you. I'm here to help. Did you know that a first time buyer can get up to $15,000 toward purchasing a home through the Florida Hardest Hit program? Call me to find out how.