Finding Oceanfront Distressed Sales in Florida
Foreclosures and Short Sales
Today's real estate buyers are much more discerning after having lived through a real estate bubble bursting. Over the last six months, signs have been pointing to a shift from a Buyer's market to a Seller's market. Florida real estate saw it's inventory drop as sales increased. As inventory of properties for sale thins out, the prices start to increase.There is still hesitation amongst today's buyer's after the bubble to be 'the one' who buys higher than the last guy, but that is just how supply and demand works. In a Seller's market, prices go up.... but... that is why you ask a Realtor for help because we can search specifically for distressed sales a.k.a. foreclosures and short sales
If you are reading this, that means you want to find an oceanfront property and not have to spend an arm and a leg to do so. In this part of South Florida distressed sales are still going to go for good money... but less money than if you were to buy a regular home for sale. If you want access to all the pics or more info on the below properties, please send me an email: Craig@LuxuryOceanFL.com
Bank Owned REO's / Foreclosed:
When it comes to buying distressed properties you as the buyer need to take some things into consideration.
- The property is being sold as-is: the Seller has no money to make repairs after your inspections, so please make sure you take this into account when making an offer. If you know the property will need a major mold remediation or new roof, that is going to end up being your expense.
- You will need to do a cash contract and have "proof of funds" (POF). You will need to supply the Seller with a bank statement or letter from an accountant/banker to say you do have the funds to close
- Short Sales need to be approved by a 3rd party to the contract. Not only do you negotiate with the Seller, but you will need to negotiate with the Seller's primary lender who in turn has to negotiate with any subordinate lien holders. This is where short sales can become time consuming and tricky.
The One That Just Slipped Through our Fingers
I went to show this property today, but it wound up going under contract last night. To get 3100 sq ft under air, directly on the ocean with unobstructed views to the South and East for 180 degrees, on the penthouse floor, was a great opportunity to buy a fixer upper for good money and flip it or hold on to for future gains. In the last few years, there was a 4100 sq ft model that was redone and sold for $2.1 million.
If you are in the market to buy a good investment or a dream property for a good price, please feel free to contact us right away so we can start putting you on automatic email alerts as these properties hit the market. The above market was only on the market for 17 days, and the lender wasn't taking offers for the first 10 days. That means the property was really on the market for one week. Don't let the next buy of a lifetime slip between your fingers. Also, we monitor properties that are going to auction before they even hit the MLS. This is huge and most realtors do not go this far. If you want to be alerted to properties going to auction and want to bid on properties before they hit the market, contact us today.
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Craig Greenberg | 561-376-8540