In Bay County, Florida, many of the homes that are for sale are either short sales (seller is selling for less than their mortgage obligation) or they are foreclosures. Buying title insurance is a necessity when purchasing real estate. Even if paying cash, I always recommend closing with a title. It is customery for the lender (who owns the foreclosured property) to also ensure that the buyer has clear title when closing as well. Many foreclosures go quickly as foreclosures tend to be priced at true or below market value. I have seen short sales listed at a price that is above market value. This may be the case when the seller (homeowner) is trying to get enough to pay off their mortgage obligation, and they still own the home. THE BRANHAM TEAM recently closed on several foreclosured properties which were EXCEPTIONAL deals for our buyers. I encourage you to consider both short sales and foreclosures if you are in the market to buy. I also strongly encourage you to hire an experienced agent who has worked on both short sales and foreclosures. I hope this is useful. Good luck!

Hi Vikki Ann,
I dont know if 'dangers' is the right way to look at it. You might think about it in terms of risk. Depending on the property, its condition and the lender buying a foreclosed home you may have a slightly higher risk factor in that you may have to come up with more repairs out of your own pocket than with some other transaction. In Florida you are as has been mentioned pretty well covered in that you will have the right to inspect.

Some lenders will come back with their own contract and addendums which according to some that I have seen have clauses in them that do limit a buyers rights as compared to the standard contracts that we use.

Foreclosed property condition from my experience can run the gamut for great condition to horrible. It just depends on the lender and what they decide to do in terms of marketing the property.

From my experience the lenders / sellers of foreclosures tend to be less negotiable on price to start however, manuy of them are quick to reduce the price if the property doesnt sell quickly.

The transactions can take more time and may require more patience on your part.

If you would like more info please contact us. You can see many of Bay County's foreclosures and short sales on the web reference link below.

Thanks and have a GREAT day!

Kind regards, Mike and Vivian Foate- By Land or By Sea!
~~~~~~~~~~~~~~~~~~~~~~~~~~
MIKE'S CELL: 850-596-4236
VIVIAN'S CELL: 850-814-2372
~~~~~~~~~~~~~~~~~~~~~~~
Mike and Vivian Foate-REALTORS®
Prudential Shimmering Sands Realty, Inc.
400 S. Hwy 79
Panama City Beach, FL 32413

If you find a good real estate agent with experience in the market, they will guide you through the process.
It is a great time to buy in Panama City with the new International Airport coming soon. The projected completion date is approx. May of 2010 which is right around the corner. You can buy property right now at fantastic prices and foreclosures offer some of the best opportunities in the market place. We will be glad to assist anyone interested in the Panama City or Panama City Beach, Florida market. Call us for more information about buying or selling. Look at all MLS real estate in our market at http://www.C21RyanRealty.com
Let us know if we can assist with any of your real estate needs.
Melissa Ryan Broker/ Owner Century 21 Ryan Realty 850-233-7926 offfice
of e-mail C21Ryan@aol.com

I recently worked with my customer to purchase a foreclosed home.I think it was not a difficult process.It was being sold "AS IS".We made sure about the title,had an inspection done and all the other necessary requirement in the purchase of a home..I can only say now (that my customer is the owner of the foreclosed home) that they are very happy customers..Not only did everything go smoothly but my customers. also got a great BARGAIN.I would certainly look for great bargains in foreclosed properties.
I fail to understand why you were told so. Good Luck!

Good Morning, Vikki ~

There are many foreclosures available in Panama City Beach right now and they are excellent values. When you are working with a bank you can anticipate a longer than normal timeframe for the acceptance of your offer, a request for pre-qualification credentials, and no guarantee of property condition. You will definitely want to have full inspections completed by qualified professionals.

We are currently experiencing a very strong buyers market so your money goes a long way towards wealth building investments. This market, combined with the tremendous benefits of the new international airport opening in 2010-2011, brings predictions of good value and profitable appreciation on purchases made in the current market.

PCB offers Gulf-front condos and townhomes, beach cottages, detached single-family homes, golf communities, retirement neighborhoods and wooded inland environments. There are also exciting new developments that will change the landscape of this region forever - there will be something for everyone from the new Oceanside Pier Park entertainment center to Wild Kingdom Animal Park to fishing at the new Pier and boardwalk! And, much more is on the horizon – we are hoping to be a stop for the Disney cruise ships. We have a lot to offer everyone!

CLICK the link below to read and learn about Panama City Beach, Florida, USA.

Search all properties that are for sale in PCB and surrounding areas here: http://www.coastal-lifestyles.com

Please let me know how Keller Williams Success Realty and I can be of further assistance.

Kirsten McAndrew, Realtor
Keller Williams Success Realty
Panama City Beach, Florida 32413
(850)819-3806
kmcandrew@kw.com

Vikki,

The thousands of people seeking the opportunity to purchase "foreclosure" property must have some level of confidence in this type of transaction.

Perhaps they were thinking about "short sales" which we would agree are worthy of avoiding because of red tape, extended delays, frustration and disappointment of not getting the home.

Today bank owned REO homes or foreclosed homes are on the market in nearly every community. In some cases, the bank has no pride of ownership and may let the property decline or the condition deteriorate. It is critical to work with a full tme Buyer Broker or Agent experienced in working with bank owned properties to help you navigate the transaction and assist you in negotiation and in obtaining as much information about the property as possibe including a current market analysis. I strongly encourage you not to purchase any property offered in "as is" condition without doing due diligence title and inspection work. I can not understand why any experienced realtor would tell you not to buy a foreclosed property. Good luck. Emily Medvec

Probably 50% or more of all homes we are selling over the last year have been foreclosed properties. Not only are they good deals, since you buy it "as is" you are not paying for things that may have been upgrades to pass owner that have no value to the buyer. You are paying for the structure itself. And you know exactly what needs to fixed or replaced (if you had a good inspector). Plus dealing with the bank is usually a straight forward deal, no surprises....however bank expect same from the buyer. So unless you are pre-approved and have secured home insurance, closing cost money and a reliable realtor ...only then stay away from the foreclosures.

Tony.Vega@ColdwellBanker.com

Hi Vikki,

One of the major items to be concerned when getting in a deal with a foreclosure property is the home inspection. Lots if not most of the times all utilities are off thus making a complete home inspection impossible. Other factors to look into are liens on the home and clout on the title. If you cover all these bases and have a lot of time on you hand due to the extend time of negotiations then you should be fine. Hire a reputable Realtor in you are that will help you go through this process.
Good luck.
Leonardo

The previous response was very good. You'll also want to contact the lender to get up-to-date financial information. And in cases like this, always do a thorough home inspection and title search.
Margo Airst

The dangers are potential defects that are not readily and easily observable. Generally, foreclosed properties are in less than perfect condition and often have been "raped" of appliances and other fixtures, appliances and the like. There is no reason to avoid foreclosure properties- sometimes they are the best priced- even if they need extensive repairs.

Foreclosed properties are generally sold "as is" and the bank usually does not fix anything. But you can have an inspection to see if everything meets your standards. I'm not sure why you were told not to purchase a foreclosed home.

Some of the best deals in town are on foreclosed property. I think they are definately worth seeing.

Shannon Moore, Realtor
Re/Max Anchor Realty
941-276-8142
twomoores19@comcast.net