Florida Foreclosure Homes
In 2009 foreclosed homes in Florida climbed to 50% of sales for the entire Florida real estate market. Today, the rate of foreclosure in the state is second in the nation – one in every 135 homes. The situation for homeowners facing the loss of their home is not pleasant. On the other side of the coin, the current Florida foreclosure homes market presents a rare opportunity for buyers and investors to find properties at a heavily reduced price.
For whatever reason, and many times not at the fault of the homeowner, people fall behind on their mortgage payments. When they are unable to catch up and subsequently default on the loan, banks are obligated to proceed with a foreclosure. There are some options to homeowners such as forbearance, deeds in lieu of foreclosure and short sales. But more and more Florida foreclosure homes are coming to market because people are not aware of the options, or they are too discouraged to seek a more favorable way out.
Central Florida foreclosure homes are available in some of the most admired communities in the state, from Orlando to Winter Park and Windermere. Sellers here are at an advantage because they have a better chance of selling their properties prior to foreclosure. Buyers can benefit from paying a fraction of the original asking price, and starting a long-term investment that will pay dividends as soon as the economy recovers.
Buying or selling Florida foreclosure homes can be a challenge. These properties can attract plenty of competition and they require special attention. Partnering with a real estate professional like Premier Realty Partners that specializes in foreclosure properties is highly recommended. |
