You may be looking at a RealtyTrac "listing" which is designed to get you to call them and sign up for a paid monthly service. There are no 5 bedroom foreclosures listed for sale through our local MLS at this time but we do have 2 traditional sales available for purchase. Most banks are pricing foreclosures and countering short sales at prices above market value so buyers have to be very careful. I have a client on a short sale in a building where the two most recent sales of the same sized units were at $200,000 and $219,000 who had waited for 4 months. Our offer was above the recent sales and the bank "countered" us at $335,000. We filed an official dispute of what was a crazy valuation from the bank and our in our 3rd week waiting for a response that they said would take 24 hours. That being said we still see a few "deals" slip through the cracks but they are very rare these days.
Since you are just starting out on your home buying process you are doing the best thing by doing some up front research. Our new book on the home buying process that we authored with a few other real estate experts from around the country has just been published and may be the best $19 you could invest. You can learn more at his link;
There is more good news for buyers locally as you have more options available to you as inventory levels continue to rise. As of this morning you have more housing choices that you have had in well over a year and you might find this article we recently wrote interesting;
Much of our current housing inventory tends to be priced higher than the most recent sales or can have condition or location issues. However, the market is still very strong with well priced new listings that hit the market in good shape selling very quickly; many times within the first day or two.
As a buyer you need to be prepared to react quickly to any new opportunities as if you don't someone will. I can set up my system to notify you immediately of the best new deals as again we will have to be poised to pounce. Feel free to contact me at your convenience and I am here to make your dreams come true.
Paradise Sharks Real Estate
Direct Line 561 308-0175