Purchasing Florida Foreclosures
So.....you want to buy a foreclosure? Here are a few things you need to know.
When offers are made we have to present either a pre-approval letter from your lender and/or proof of funds i.e. bank statement or certified letter that funds are available from a credit line. A deposit of $1,000 to $5,000 in certified funds will be required.
If you need to finance, the seller (bank), may require you to be qualified through their preferred lender. You don't have to use them but you may have to be qualified through them.
In my area, Central Florida, foreclosures are selling for 95% to 97% of listing price. You will not get a foreclosure for 50% off listing price.
The Seller (bank) does not care that you want a response in 24 hours. They will respond when they are ready. They may even sit on your offer for a week or two to see how many other offers they get.
All foreclosures are sold "As Is" with right to inspect. This means you will have 7-10 days to have inspections completed. You may also be required to have the utilities cut on in your name for the inspections. The seller is not obligated to repair anything BUT you are also not obligated to buy if the inspections are not satisfactory.
The purchase contract will have very strict time lines and may even have a $100 or more per diem charge to you if not closed according to the date negotiated. Time is of the essence.
There's more.......but will talk about it later.
If you are interested in purchasing a foreclosure or would like a list of available properties CLICK HERE.
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Bryant, it's nice to know all the "rules of the game" that buyers must abide by in this area.
I'm amazed at some of the prices for foreclosures around here. It would appear that the banks really want to reduce this inventory. A normal home owner has no chance these days. They can't compete with the bank's pricing because they are already upside down.
Market averages are coming down as we speak.
Perfect.
I wonder as the market gets better if they will continue to play hardball on the offers or be more responsive?
Buyer beware! I assume they are worth investigation, but only if the values are there. However, most lenders/ servicers are not in the real estate biz, so they are probably not leaving them on the market for extended periods of time. They are in most cases already 35 to 40 cents on the dollar in at the point of sale. My bigger concern is there is getting ready to be a anotehr round and a glut of them on the market.
Good advice Bryant
Bo
I keep hearing on the news, more and more stories about the foreclosure problems in the Orlando area.
Bryant, You have a great foreclosure information series here, one to be proud of. I am revamping my outside blog in 2009 to put it more in tone with localism. Thank-you for your comment on my blog post earlier this morning also. Have a great day...
BB- The most important piece of info - "will not get a foreclosure for 50% off". It would be nice if folks realized this~
LOL you get a lot of play from this photo