HOW TO SPOT A GOOD DEAL: FORECLOSURES AREN’T ALWAYS WHAT THEY SEEM

Most homebuyers in search of a property automatically assume buying a foreclosed home means they’re getting the best deal out there. However, this often isn’t the case. Purchasing a foreclosed home truly can be a great investment, but it could also be an eye-opening experience for those not aware of the process and problems that can arise along the way.

One of the reasons a foreclosure may not be as good of a deal as it appears to be on paper is that distressed home sellers may have more debt than just their home mortgage. They may have a lien or loans against their property, which the bank could factor into the sale price. Another issue could be the amount of work and repair needed on a home, if the sellers had stopped maintaining it. A home may sit vacant for months, which could be problematic in a tropical climate such as ours, where hot and humid temperatures can cause serious damage. Foreclosures typically take a lot longer to close on the sale, therefore buyers need to be flexible on their timeframe. Securing property prior to a foreclosure can mean the difference in having a move-in ready home versus a bank-owned home typically stripped of its contents. Buyers need to be aware of these types of concerns when pursuing a foreclosure, but if the price is right and the home is free of these types of issues, buying a foreclosed property can prove to be a very wise purchase.

Establishing a relationship with a knowledgeable Horizon Realty International agent and sharing what you are looking for up front will allow you to get a jumpstart on finding the best property for you. Knowledge of the local real estate market and access to a network of resources are invaluable in finding a great real estate opportunity. More often than not, in our market, the best real estate deals are found prior to a property facing foreclosure. Being aware of new inventory before it hits the market, monitoring shifts in the existing inventory (i.e. price reductions) and the ability to act quickly are all key strategies. A reputable Horizon Realty International agent should be able to offer insight on an ideal opportunity if it arises, as they’ll be in tune with a home’s value and current financial situation, both of which will help to determine the true value of the deal.

Our team of Realtors® is out in the local market every single day, networking with our contacts and working together for our clients so we can best represent their needs. Horizon Realty International has a proven track record and longstanding success to best represent you. Contact your Horizon Realty International agent today to learn more about great deals in the area and how we can help you find your next home, 941-238-0953

 

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