ABC's of Buying Florida Real Estate




Are You Thinking of Buying a Foreclosure Property

Heed This Warning ... Get Professional Help !

  There is a lot of talk about buying foreclosure properties on TV infomercials and Internet sites where it is claimed that you can either save a fortune or get rich by buying foreclosure properties and "flipping" them.

  Occasionally, there really are foreclosure bargains. But that is also true of the real estate market in general. If you do have an interest in Tampa Florida foreclosures, your interest should be tempered with a clear understanding that not all foreclosure prices are bargains. In fact, many are not because of the bidding process that can be involved. It's a bit like any other auction process. Sometimes the potential buyers bid the price above what the item is intrinsically worth. Also, recognize that a low price, by itself, does not indicate a bargain. The property may require costly repairs or improvements before it can be occupied or resold.

  On the other hand, if you are a "do-it-yourselfer" and you don't mind investing a good deal of your own time, energy and money in what is known as "sweat equity," a foreclosure home, particularly one that needs some cosmetic work, can be a good deal for you. "Just know what you are getting into," says Rich Stover, a respected Realtor focused upon homes for sale in Sarasota Florida.

  Foreclosed homes are typically sold "as is" meaning there is no warranty as to its condition, the type of financing available on it, the form of title, and, among many other things, the rights of any lien holders. Get good legal advice as well as good real estate advice.

  The U.S Department of Housing and Urban Development (HUD) is one of the largest entities involved in selling foreclosure properties and their website is a place to start to learn more about buying foreclosure properties at this Sarasota Foreclosure Properties webpage provided by Andree Huffine.

  A knowledgeable, experienced Realtor is an "absolute must" particularly for first-time buyers of foreclosure properties. You've heard the phrase about Travelers Checks "Don't leave home without 'em." Well, there should be a similar phrase about buying a foreclosure property "Don't buy a foreclosure home without an experienced Realtor® with expertise and experience in foreclosure properties."


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