Home Buying in 32907>Question Details

Vanessa Morg…, Renter in Palm Bay, FL

I see some houses listed with foreclosure listed under them that are like 65,000 is this literally the price of these homes?

Asked by Vanessa Morgan, Palm Bay, FL Sat Sep 28, 2013

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10
Where are you getting your info? The price could be asking... some lenders will post... then receive offers on it. Ending price could be much highter as this was just a teaser to attract attention.
0 votes Thank Flag Link Wed Nov 6, 2013
Hi Vanessa,

As folks have mentioned, they typically need work or are missing items such as kitchens, appliances, wiring, etc., that will not allow for traditional financing. I have specialized in FHA 203K Renovation financing for 21 years. With this financing, the property closes "AS-IS", the cost of the repairs are financed into the loan, and the work is done after closing. It is an awesome program for short sales and foreclosures because s lot of these properties have been destroyed. It's only 3.5% down at closing so if you buy a $65K house and put $100K into it, your out of pocket is only $5600, plus you will more than likely walk into a great deal of equity. Please feel free to give me a call if you would like to discuss further. My website is also loaded with information about the 203K.

Andy Wood
727-410-9663
awood@titanhl.com
http://www.titanhl.com
0 votes Thank Flag Link Mon Oct 21, 2013
Not usually. This is usually the balance of the current mortgage, especially if it says Lis Pendens. Sometimes it is the price of the home and that depends on the condition of the home and/or the comparable properties in the area. If the condition of the property is poor they usually are cash only purchases although depending on your lender you may be able to do a 203K or homepath rehab loan. These loans will give you $XXX to complete the repairs needed to the home & will need to be completed by a licansed contractor. Also you will need to qualify for 2 times the loan amount.

If I can be of further assistance, please feel free to contact me at anytime by phone or e-mail.

Joan Willis
Broker
Brevard's Best Realty, Inc.
321-960-3577
brevardsbestrealty@yahoo.com
0 votes Thank Flag Link Thu Oct 17, 2013
Because many of these properties will need work, there are renovation loan programs that can help you finance and make the needed repairs and upgrades to many of these foreclosures prior to moving in. These programs are available for owners who will be residing in the homes and don't apply to investments or flips. I'll be happy to help.

Barb Mihalik
RE/MAX Elite
mail to: barbmihalik@gmail.com
0 votes Thank Flag Link Fri Oct 11, 2013
There are many homes in our area that are listed under $65,000. Palm Bay has a large inventory of homes so if you have financing options, patience and a dedicated realtor it may be possible for you to find a home at this price. But I wouldn't suggest waiting to much longer as prices have been rising steadily.

If you have any questions or would like someone to work with please feel free to give me a call.

321-288-1689
0 votes Thank Flag Link Wed Oct 9, 2013
Vanessa,
I agree 100% with Suzanne below. Most homes in that price range will not pass for an FHA loan and will need work. If you want a list of foreclosures visit http://youmightlikethis.info/foreclosureweekly
Thanks,
Larry
HouseMax Pro Realty
0 votes Thank Flag Link Sun Sep 29, 2013
Typically a Foreclosure/Bank Owned/REO need some work which is how they are priced. There are currently 70 homes in the Palm Bay area priced at 65K or below. I have included a MLS link that will give additional detail. http://www.flexmls.com/link.html?zt6i5wvs7oh,15,1
0 votes Thank Flag Link Sun Sep 29, 2013
Typically a Foreclosure/Bank Owned/REO need some work which is how they are priced. There are currently 70 homes in the Palm Bay area priced at 65K or below. I have included a MLS link that will give additional detail. http://www.flexmls.com/link.html?zt6i5wvs7oh,15,1
0 votes Thank Flag Link Sun Sep 29, 2013
There are 289 single family residential homes in Brevard County up to $65k:

Follow this link to see the page:
Click to view listing(s)

This link is valid until 10/29/2013.

Would you like one?
.
Phil Rotondo, Realtor
Coldwell Banker Residential Real Estate
Melbourne, Fl.
mailto:phil@321property.com
0 votes Thank Flag Link Sun Sep 29, 2013
Yes but they usually need work at that price
0 votes Thank Flag Link Sat Sep 28, 2013
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