Foreclosures: The New Hot Button...But Make Sure you know the Facts!

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!