Buying a Florida Foreclosure (Orlando, North Port: mortgage, foreclosures, showing)

[happymccamper]

[quote=Magnulus;2727751]Right now alot of people are playing "wait and see", holding the prices high and occasionally catching a sucker. When the panic selling really starts, and cuts start to deepen and the psychology of sellers changes, that's probably the time to start looking at buying. I just don't think the psychology has really settled in on alot of the sellers.

I agree, there was a realtor that posted saying that you should offer 15-30% below list price. And that s just it, so I am fine w/waiting and see. As I research foreclosures a lot of books are based on "flipping". I am like I don't want to flip, I want a nice home in a nice area to make my own and if that takes work so be it...but we do not want to be house poor, so we can enjoy ourselves down here!

[BucFan]

Interesting post about the wait 'n see theory - I thought by now you'd see sellers panicking (I'm counting on it). Hope to see some very good house prices in 2008-9.

[joanna04120]

we are just looking at properties to buy in orl to hopefully live in when we move out there next year(visas willing) but it has not rocked bottomed yet your right.so many places still being built too and lending still go on on car sales for eg.madness!! i OPE IT REALLY bottoms out next year and if we get out earlier we may rent and hold on for a bargain(if there is such a thing)

[mec1212]

the best place to look to see if the price is below value or good is Real Estate Valuations, Homes for Sale, Free Real Estate Information | Zillow Real Estate this is the site most mortgage companies use to get a quick value of your home, it changes daily. just put in your address, city and state on the homepage and click. it will give you the value.

[Bob Goldstein]

i HAVE SEEN SOME VERY GOOD DEALS IN THE FORECLOSURE PROPERTY. HOMES YOU CAN MOVE RIGHT IN WITH LITTLE OR NO WORK. IT IS DIFFERENT EVERYWHERE. YOU JUST HAVE TO DO YOUR HOMEWORK.

[Mike Peterson]

Originally Posted by mec1212

the best place to look to see if the price is below value or good is Real Estate Valuations, Homes for Sale, Free Real Estate Information | Zillow Real Estate this is the site most mortgage companies use to get a quick value of your home, it changes daily. just put in your address, city and state on the homepage and click. it will give you the value.

That is probably one of the worst places to look for values.
I have seen it up to 50% overvalued on there as well as some 50% undervalued.

As far as those giving a general area of the state and saying prices are still sliding, it may be sliding in your area but many areas just down the road may have stabilized.

Also all foreclosures are not created equal, some may need major work but some are move in ready. You just need to check them out and have them inspected.

Your title insurance is going to cover you for any unexpected leins that were not found during the search so make sure the lender is paying for the title insurance.

Do your research and you can find very good priced foreclosures out there.

[Wendyb0077]

As Mike P said, there are some nice foreclosures out there, but most of them are trashed! Sold one two weeks ago in excellent condition. Origionally in the 400's sold for 234,900. ( In Port Saint Lucie) Two story close to 3,000 under air just a couple of years old in an "HOA" neighborhood. Most of the foreclosures are really bad... Be prepared to go home and take a shower after viewing!

[SoFLGal]

We have found that most of the foreclosures that we are viewing just need paint and carpet. I have gone in very few that I would classify as really bad.

I agree with Mike, Zillow is one of the worst tools out there. It is, for the most part, total garbage as far as information.

In North Port we are seeing multiple contracts on almost every property we are viewing. We have twelve contracts in right now and many of the people lost out on at least one property already due to multiple offers.

You hear all over the news, recession, recession, but we just aren't seeing it here.
There are fewer an fewer properties going on the market and many more closing. If it continues like this through the summer we may be on the upswing.

[Jim280]

There are some good foreclosures deals out there if you look in the right place, I looked at one in Titusville recently. 1700+ sq ft, 4 bedroom 2 bath in a good neighborhood and backs up to an A rated elementary school. Price is $119,900 and it is not trashed out, I think it would be a good deal for someone looking for a nice house and not pay an arm and leg to buy one. I just checked on it and it's still available, from what we could see in the windows it may need new carpet but that's about it.

[2bohemians]

Originally Posted by SoFLGal

We have found that most of the foreclosures that we are viewing just need paint and carpet. I have gone in very few that I would classify as really bad.

I agree with Mike, Zillow is one of the worst tools out there. It is, for the most part, total garbage as far as information.

In North Port we are seeing multiple contracts on almost every property we are viewing. We have twelve contracts in right now and many of the people lost out on at least one property already due to multiple offers.

You hear all over the news, recession, recession, but we just aren't seeing it here.
There are fewer an fewer properties going on the market and many more closing. If it continues like this through the summer we may be on the upswing.

Same thing is going on up here along the Emerald Coast in the Panhandle. Seeing alot of activity, contracts being written, homes are selling again -- short sales, foreclosures, steals & deals are moving ..... for people who have always wanted to live here or own a 2nd vacation home, the prices have come way back down and the people who can are taking advantage of the opportunity ......