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Friday, November 05, 2010

What does “foreclosure” bring to a buyer’s mind?

Foreclosures....a pretty common occurrence these days in Brevard County, Florida.  Just last month there were over 160 foreclosed properties that sold in Brevard County, Florida (preliminary number from the Brevard County MLS).

Foreclosure properties are also known as REO (real estate owned) or bank owned properties.  Many of the inquiries I receive are from individuals looking for a steal!

While many foreclosures are attractive buying opportunities do not think of a foreclosure as the same as a standard sale or even a short sale.

Many have been neglected.  Many have had the appliances removed (including anything that can be hauled away).  Many have hidden problems.

Foreclosures are priced where they are for a reason.  Many are not in a condition that would allow them to qualify for a mortgage (cash buyers only).

Gary L. Waters PLLC, Florida licensed real estate agent, Century 21 Baytree Realty, Rockledge, Florida serving Florida's Space Coast including the cities and communities of Melbourne, Viera, Rockledge, Suntree, Merritt Island, Cocoa Beach and the surrounding region.

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