Buying a Foreclosure Property in Florida: Wilton Manors Real Estate
Distressed properties have been known to provide homebuyers with huge savings.
These reductions can add up since reports from the NAR [National Association of Realtors], note that the average reduction on a foreclosed home is roughly 19%. Many real estate experts offer the advice not to judge simply by asking price alone.
Many real estate professionals, Realtors and Brokers attest that distressed properties can provide homes to families that may not have otherwise had the opportunity to do so. This is ideal but you must be cautious. Buying a foreclosure or distressed property in Florida, must take the time to do some research on your prefered home before your purchase the first distressed home you can find.
When you work with the real estate professionals of the Henri Frank Group at Remax you will get the support you need. The licensed Florida state Realtors have been formally trained to manevuer through the process of buying distressed properties. Most are CDPE [Certified Distressed Property Experts] agents. This is a certification that teaches and provides the training to successfully purchase one of these Wilton Manors properties, Fort Lauderdale homes and real estate through out South Florida.
Below are a few concerns that should be addressed before purchasing a forclosed property:
Make sure you know if there are any claims on the property.
If there are claims on the property, find out how many lenders possess claims. If you’ve found a distressed property that was financed on more than two loans, you may be looking at a more daunting sales process. The Henri Frank Group has teamed with the law office of Nugent and Ground. They are real estate attorneys who can help with this process. Attorney Pat Nugent and Attorney Tad Ground offer their expertise.
Take care of the financing arrangements for the property.
Find out how the home buyer will finance the home so that you know the status of the home. Many of these foreclosed homes will have more than one buyer interested which means that should have your financing options in order to act as soon as you get the green light. Goldstar Financial, corporate headquarters in Ann Arbor Michigan and a local office here throughout South Florida is a strong choice for financing a foreclosure property. Senior Loan Originator, Lynn Whitefall of Gold Star Financial has worked with the Henri Frank Group buyers to achieve their goal of home ownership. She is experienced with the process of buying a short sale or buying a foreclosure property.
Make the time to fully assess the value of the property.
Make sure that there aren’t major issues that you’ll have to invest in. Some of these distressed properties need a lot of renovation and touching up and some owners may not be interested in fixer-uppers. Get a proper inspection scheduled before making your final decision. The professionals of the Henri Frank Group use the CMA [Comparative Market Analysis] to help establish value. If it is necessary, the Henri Frank Group will hire a licensed Appraiser to establish the value. This is determined on a case-by-case basis.
Find out if there are any scheduled delays for the property you intend on purchasing.
In some cases, owners must undergo an eviction process which could push back your move in date. Buyers of distressed properties should expect delays in the buying process and schedule accordingly. Working closely with the licensed Realtor who is the listing Realtor. These listing agents have been made aware of the property. Too, there is a title agent and in some cases, a title attorney hired by the lender who owns the property. Part of the due diligence when purchasing a distressed property is to speak with them about the issue of delays and any title matters associated with the property.
This home is on the distressed property list in south Florida. This is a home that has been waiting to be purchased. Beware, this is a home that needs to be knocked down. And many investors are purchasing these homes, removing them for redevelopment of the land. This property recently was placed onto the market, sold by a lender as a foreclosure. So really, is it worth waiting for a foreclosure? This is the “shadow inventory” that so many people are waiting. Beware. And before you get involved in the process of purchasing a foreclosure property in Florida, contact Henri Vezie or Frank Vigliotti, licensed Realtors located in Fort Lauderdale, Wilton Manors, Hillsboro Shores, and Plantation. They can be contacted through all the social media. Or go to their website at http://henrifrank.com or call them at (954) 604-9999.