A great place to invest in real estate is in foreclosures and bargain residential real estate. Foreclosures are not as prevalent as a few years ago, but they are still out there, and buyers now have a chance to buy coastal bay front properties that are real bargains.
People are investing their money in an asset they understand – real estate. The subprime mortgage mess no longer results from the foreclosures, but, many homeowners are still in a crunch and looking for a way out. Some of these owners are willing to take a loss and move on.
Available Foreclosure & Short Sales In Gulf & Franklin County
Available foreclosures and short sales are included below.
The current market conditions make it a perfect time for a small investor to purchase one or more foreclosure properties for their private residence, rental or resale. In this difficult economy, more upscale properties are going into foreclosure, so don’t expect just low-end homes. Beachfront and homes in affluent areas are part of the mix of foreclosed properties available. The availability of more desirable properties combined with the reduced interest rates makes this a great time to buy these properties.
Working with a Realtor® who is experienced in foreclosures can significantly impact your success rate as an investor. To invest successfully in foreclosures, you must know your market, understand the foreclosure process, and be prepared to act quickly. Act quickly but do your homework and rely on a helpful team (Realtor, inspector, closing agent, and attorney).
Look for good value. Let us help you search for properties in Northwest Florida. Check out Florida’s listings of foreclosures, short sales, and bank-owned or REO properties. Visit our Franklin County Foreclosures listings.
After the mortgage meltdown in 2008, we had several years where foreclosures and short sales presented excellent buying opportunities. In recent years, however, our real estate market has been extremely stable, with very few short sales and foreclosures. That doesn’t mean they don’t still exist but finding the right properties can be like looking for a needle in a haystack.
Short sales may also be an option but can take longer to close than a foreclosure. Short sales are anything but short and typically take anywhere from 3-9 months to complete. If you have the time and patience, a short sale may be a great way to get a fantastic deal at an even better price.
Short sales mean you work with the bank AND the homeowner to determine a price that works for all. Banks or lenders will sell the property for less than the homeowner owes. Usually, the homes are sold as-is, but the homeowner still lives on the property, which generally means they are taking care of it. Although we can’t guarantee the home will be perfect, short sales are usually better kept than foreclosures. A foreclosure could be vacant for some time, so there are other issues to deal with.