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Wednesday, April 27, 2011

Buy a Foreclosure in Viera and Rockledge, Florida - Easy Money!

"Buy a foreclosure"  is hyped by many outside of the real estate industry as a way to make easy money.  It isn't - easy money.

First of all, a foreclosure is most often in a condition that is less than sell-able.

Many of the foreclosure homes on the market in Viera, Suntree and Rockledge (only 19 properties) have no appliances although some stoves remain.  An immediate investment will be required above selling price.  Many require immediate investment in flooring and paint as well.

Many of the older properties on the market are in a condition which prohibit FHA financing. Here is a quote from an MLS entry for a Rockledge home...first sentence: 

"This home will not qualify for FHA or VA financing."

Sometimes the sweat equity requirement is beyond the skills of the buyer.  Lets face it, sometimes we bite off a little more than we can chew!   It may not be that the skill requirement is where the shortfall exists but rather the time!

Foreclosures can be profitable for the right person but if saving $25-$50,000 on a foreclosure price results in spending the same amount, maybe a short sale would be a better option.

Short sales are almost always in a better condition!

For information on short sales and foreclosures in Rockledge and Viera, Florida, send me an email or call me directly at 321-693-3850.

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