Are Orlando foreclosures really the best deal? Maybe or maybe not…
(Foreclosures are properties owned by the bank that held the loan on the house that the homeowner did not pay…so the bank did a “RE-PO” and took the property back.)
Many consumers mistakenly think that foreclosure must be priced well below market value, AND that the banks are desperate to “give it away”… Maybe or maybe not.
Here are the top things that a foreclosure buyer can be sure of…really sure of.
1. Bank will try to get the highest price…and the most favorable terms…for them.
2. The property will be in some stage of disrepair. Owners that stop paying their mortgage, do not fix house problems.
3. Bank will not do any repairs…well maybe, sometimes, but rarely.
4. What was owed on the property is irrelevant to how much money the bank now wants.
5. Bank will have you sign special addendums that will favor and protect the bank…only the bank.
6. You cannot guess what banks will take…stop with your formula and calculator.
If you are looking to buy a good deal than consider all the properties that suit your criteria. Don’t get caught up in the foreclosure buzzword. Sometimes a regular sale, from a regular seller, is in better condition, is at a lower price than the Orlando Bank Foreclosure.
While the Orlando foreclosure may be a “real steal”, consider other options also before you ultimately settle on a home, so that you are confident that you have really found the best deal.
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