Home Buying in The Villages>Question Details

CBlackburn105, Home Buyer in The Villages, FL

What is the procedure or process for purchasing a foreclosed property in The Villages. I see many properties listed on line.

Asked by CBlackburn105, The Villages, FL Thu Feb 28, 2013

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If the property is foreclosed and bank-owned there is no difference than purchasing a non forclosed property with the exception most bank owned propertys are" sold as is" You can do an inspection to find out if theres problems with the home its just the bank in 99% of the time will not repair it verses a regular sale the homeowner would probably negotiate. With submitting a contract to the bank owned property could take maybe 2 weeks to here back from them.If I can help you anymore call me!
1 vote Thank Flag Link Thu Feb 28, 2013
Hello, 99.9% of the bank owned homes here in The Villages come through the Realtor MLS. The developer here does not handle short sales or foreclosures in most cases. Every once in a while we will have a house that is in poor condition go to auction but that is rare. Thankfully bank owned can be closed within 30-45 days in most cases unlike short sales which can take 3-6 months to close. At any given time we have less than 10 bank owned on the market. The bank owned here have had an appraisal already so they already know what they are willing to sell the house for here in The Villages. They generally sell within 5% of the asking price. Unlike the outside area where the houses sell for a lot lower then market, The Villages bank owned sell just a little lower than normal market price. The only exceptions are the ones that have some issue in the house ie: smoker house. We have a 2 bed/1 bath right now that is the best bargain because it had a smoker in it. Yes the bank owned will be sold AS-IS with the right to inspect. Right now we have 6 ACTIVE bank owned on the market. Some of the websites show you the preforeclosure which generally are not on the market. Preforeclosures can take 1 to 5 years to get on the market unless the owner does a Short Sale. Right now we have 4 ACTIVE short sales on the market. Hopefully that will explain how The Villages differ from the outside market. Please contact me with any other questions.

Thank you!
Debbie Gentry
ERA Tom Grizzard Realtors
0 votes Thank Flag Link Mon Mar 4, 2013
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