My last REO listing, which was a well-priced pool home in good condition in New Port Richey, had one full-priced cash offer the first day it went on the market--many of the subsequent buyers who called on it were disappointed when they were told that, particularly the FHA buyers. The house closed in 31 days at 3% over full price.
The point is--do not think that you can lowball offers--the banks hire very astute people to do the research for them, and only the ones in the worst condition end up selling for a fraction of market value.
Does this mean that you can't find deals? Of course not--there are deals in any market, this one is no different. Some of the best deals on homes in the best condition are, in fact, short sales--these are often still occupied by the distressed seller, therefore properly maintained--unlike many foreclosed homes, which have sat vacant for months or years.
Best strategy is, if you do not know where to start--begin with someone who does!
Another option, if you have the time to wait, is buying a short sale instead of a foreclosure/bank owned property. You can get a great deal on a home through a short sale without all the risk involved with REO properties. The process can take awhile, but it is getting better. Starting in April there are new guidelines that will hopefully make the process shorter and easier.
I am a Certified Distressed Property Expert and I hold the Short Sales & Foreclosure Resource designation through the National Association of Realtors. I have lived in Palm Harbor for over 25 years. There are great deals on homes all throughout the Palm Harbor area. If you are not already working with a realtor, I would like the opportunity to help you find the right home.
Madeline "Matty" Green, Realtor, CDPE, SFR
Keller Williams Realty
Kristine Bredeau, Vice President
Mortgage Branch Manager
3725 West Grace Street Suite 300
Tampa, Florida 33607
Apply On-Line: http://www.KristineBredeau.com
Not is a great time to acquire real estate at great prices. Along with understanding the process and risks, you need reliable resources such as a real estate attorney, title company, inspector in addition to a comprehensive list of available distressed properties.
Give me a call and we can review the process and resources available, establish your objectives and timeline and get a list of homes to you.
ReMax ACR Elite Group, Inc
727. 420. 4042
Michael McCullough, P.A.
Charles Rutenberg Realty, inc.
If you haven't done so already, I'd make sure you understand foreclosures inside and out first. If you can't or don't want to do that, hire someone who knows the ropes.
Then, I'd make sure you have cash, a good list of homes and a very strong stomach!