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Monday, August 13, 2012

Foreclosures in Brevard County, Florida–Why I don’t “push” them…

Although foreclosure  (bank owned/REO) properties offer opportunities for the right buyers I do not promote foreclosures to most of the buyers I work with in Florida.

The foreclosure buyer is not your typical home buyer.

I usually work with buyers relocating to one of our 55+ communities like Heritage Isle or Grand Isle in Viera

I work with families moving up to larger homes.  I work with buyers downsizing and looking for a condo on the beach or perhaps the Indian River.  I work with investors looking for rental properties that are ready for tenant placement or even already have tenants in place.

The common element among all of these is the target property is, for the most part, move in ready.

Foreclosure properties are not move in ready.

Many foreclosure properties lack the minimum  condition of repair required by lenders to give a mortgage.  Cash only transactions take many buyers out of the foreclosure market.

Even if the cash for purchase is available the cash requirements for extensive repairs take more out of the buyer market.

Since July 1, 2012 there have been only 24 residential foreclosures sold in Brevard County.  Only one sold for more than $200,000 and 11 sold for less than $60,000.

As of today there are 172 REO residential properties for sale (only about 7.4% of residential listings).  About 17% of residential listings are short sales.  That makes more than 75% of residential properties for sale in Brevard County are standard listings.  

If you are looking to buy or sell any other residential property in Brevard County, Florida, call me first!   If you are interested in purchasing a foreclosure property in Brevard County, Florida, please let me know.

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