Everyone is talking about the wonders of the foreclosure market, but just like any other real estate deal, make sure you know what you are buying. Do your research. There are a few great points below. These "deals" aren't always that much of a savings and banks are being more and more cautious of how they handle these transactions. The Destin Florida Real Estate and Destin Florida Condominium market has a few options and we have discussed some basic strategies for buying and selling foreclosed properties online at www.InvestSmarter.com. Take some time to look through our sites and look at the article below to ensure you are on top of the hottest and smartest trends!
Tips for Buying Foreclosures
Buyers seeking a deal on a foreclosed property need to keep some basics in mind because the transaction isn’t simple and the competition may be still, says Pat Lashinsky, CEO of ZipRealty, which has more than 2,200 associates in 19 states."When you find a good deal, there are five or six or seven offers, and you're up against professional investors," Lashinsky says.Here are some other things buyers should consider:
These homes aren’t giveaways.
Typically, they are priced 10 to 15 percent below non-bank-owned properties.
Banks have their own selling strategies.
Skilled at analyzing prices and market conditions, they'll often lower the price incrementally if a home hasn't sold after a month.
Bidding Wars are Possible.
When the price is attractive, expect plenty of competitive offers.
Factor in fix-up money. Many of these properties are in bad shape.
Get pre-qualified. Banks won’t deal with prospective buyers who aren't.
Consider borrowing from the bank that owns the property. If the bank can hold the mortgage, it will sometimes agree to a lower price.
Source: San Francisco Chronicle, Carolyn Said (07/09/2008)
For more information on the Destin Florida Condominium market play online and let us know what your thoughts are. More and more people are searching out property online. Stay on top of current trends in the Foreclosure and Short Sale markets today!
Thursday, July 10, 2008
Thursday, July 3, 2008
What happens to the Government Budget with Falling Prices?
This is an interesting thought....what does happen when values come down across the board? Taxes also go down......oh wait a minute...what about those budgets that were based on the "increased property taxes?" Ouch....see what the following effect has put on 10 state in the US. It's not just the consumer....now how is this amount going to be made up? Interesting thoughts and for more information on subjects like these visit www.InvestSmarter.com to find more information about smart investing whether in your real estate or personal financing!
City Budgets Pinched From Falling Values With home prices falling and foreclosures on the rise, municipal budgets are starting to feel the pinch.At least 29 states and the District of Columbia have reported budget shortfalls totaling $48 billion as they finalize 2009 fiscal budgets, according to the Center on Budget & Policy Priorities.Many states are freezing new hires, borrowing for necessary expenditures, and dipping into "rainy day" funds to fill budget gaps and avoid tax increases. But by 2010, officials are expected to face even tougher dilemmas.States With Biggest Tax Revenue ShortfallsThe following 10 states are feeling the worst affects of the problem, according to data from The Nelson A. Rockefeller Institute of Government. (The states are listed below, along with their annual tax revenue change for the January-March period in 2008 to the same period a year earlier.)
Arizona: -13.6 percent
Florida: -10.3%
Rhode Island: -6.2%
Nevada: -4.9%
Georgia: -3.8%
New Jersey: -0.3%
California: 0.1%
Washington: 0.2%
Delaware: 0.3%
Tennessee: 0.6%Source: Business Week, Prashant Gopal (06/30/08)
So we shall see what happens, and on top of that the property taxes that are behind and not being paid and won't be paid until the house sells! For more information on what is available in the Destin Florida Condominium market search online today at www.Destin-Florida-Condominiums.info for more availalble properties in the Destin Florida area and stay tuned for more wonderful informaiton from InvestSmarter!
City Budgets Pinched From Falling Values With home prices falling and foreclosures on the rise, municipal budgets are starting to feel the pinch.At least 29 states and the District of Columbia have reported budget shortfalls totaling $48 billion as they finalize 2009 fiscal budgets, according to the Center on Budget & Policy Priorities.Many states are freezing new hires, borrowing for necessary expenditures, and dipping into "rainy day" funds to fill budget gaps and avoid tax increases. But by 2010, officials are expected to face even tougher dilemmas.States With Biggest Tax Revenue ShortfallsThe following 10 states are feeling the worst affects of the problem, according to data from The Nelson A. Rockefeller Institute of Government. (The states are listed below, along with their annual tax revenue change for the January-March period in 2008 to the same period a year earlier.)
Arizona: -13.6 percent
Florida: -10.3%
Rhode Island: -6.2%
Nevada: -4.9%
Georgia: -3.8%
New Jersey: -0.3%
California: 0.1%
Washington: 0.2%
Delaware: 0.3%
Tennessee: 0.6%Source: Business Week, Prashant Gopal (06/30/08)
So we shall see what happens, and on top of that the property taxes that are behind and not being paid and won't be paid until the house sells! For more information on what is available in the Destin Florida Condominium market search online today at www.Destin-Florida-Condominiums.info for more availalble properties in the Destin Florida area and stay tuned for more wonderful informaiton from InvestSmarter!
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