by Craig Greenberg
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
Short Sales:
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.
brought to you by LuxuryOceanFL.com
Craig Greenberg | 561-376-8540
Craig@LuxuryOceanFL.com
