Right now foreclosures are a great way to get a good return on your investment. In Florida you have many protections that keep you from buying something blind. You'd be surprised what you can find out during a pre-purchase inspection. If you make an offer on a foreclosure the most important thing to ensure is that you have an "inspection contingency." This will allow you to hire a professional to inspect your purchase top to bottom and let you know about all of the defects before you're locked into a purchase. There are other things to consider as well and I'd love to speak with you about them if you'd like some more free advice. Call or email me 7 days a week~
Jeff Metcalf, REALTOR(R)
Watson Realty Corp.
You should look for the best value for your money. Often it is a foreclosure, but sometimes and owner who is ready to move.
You have a lot of good answers below. Now look for an agent you can connect with and go from there.
On other bank-owned properties it may be possible to get an FHA 203k fixer upper mortgage to include repairs and put only 3.5% down. There is also the HomeStyle Mortgage that will allow you to include renovations with only 5% down. Contact Wells Fargo, they are very experienced with HomeStyle.
Also if you're considering "short Sales", you probably cannot close quick enough once the approval letter arrives to do a fixer upper mortgage so you can't consider fixer upper short sales.
If you're talking about having $70k cash in your hands and going to the courthouse foreclosure auction then you need to do a lot of homework to learn the ropes.
As far as code enforcement liens, etc., if you buy a bank-owned property these will all be cleared up before closing so no worries there. You will get a clear title free of liens and title insurance paid by the Seller.
All the best,
904 349 0082
We are foreclosure listing agents for Wells Fargo and I would say definitely consider a foreclosure.
The only problem with them is that some banks will do NO repairs, so you can't do an FHA loan. If you are a cash buyer and don't mind some sweat equity, then there are excellent deals out there.
Sometimes there are delays in closing due to title issues (just had a couple like that), but we have put many happy buyers in some beautiful homes in the last year.
Hope this is helpful!
Coldwell Banker Vanguard
Yes you should consider a foreclosed home purchase. Most are a great value and lenders are willing to work with you. Beware if you are buying a home, condo, town home that has an association Banks are responsible for monthly assessments after they foreclose but you may be responsible for any that occurred prior to their foreclosure. Be sure to discuss this with an attorney and real estate agent prior to finalizing any offer.
All the best,
Orlando Lamas R.A.