Messages

1

Questions and Answers / Re: Florida properties

« on: March 06, 2009, 05:39:34 PM »

In answer to 26.2's questions, there are some free foreclosure sites but you get what you pay for. Many of the sites offer some view of the home and price, but if you want details you need to sign up. Realty Trac and Foreclosures.com are the two that most people use and find somewhat useful, and give you a free trial period so you can judge for yourself.

The spread between MLS price and foreclosure price is dependent on what the bank is willing to take, which will be different in each case. A good agent may be able to help find the banks willing to deal, but they are often frustrated by the extra tiime involved in dealing with banks who do not want to play ball, and clients like us who want to put really low offers in to a lot of places.

Banks are obligated to get fair market value, so that is why the prices for foreclosures seem high, but prices keep falling and number of homes for sale keeps going up, keeping pressure on the market.

Cameron Roach
author of Buy Florida

2

Questions and Answers / Re: Florida properties

« on: March 03, 2009, 03:10:06 PM »

I just returned from Florida, in the Venice/Sarasota area and was surprised by the amount of for sale signs compared to when I was there in November. The news was still very focused on the foreclosure problems, although they also were reporting that sales were up, with many foreclosure properties receiving multiple offers. The unusual thing is even with increased sales, the price of homes is still dropping, 10% for Jan. in that area. They did not explain why, but I would assume that it is because more homes are coming up for sale than are being bought.

You are right about agents wanting you to sign up for info. It is an eye opener down there to see the low prices, but the market value according to the county is usually still way below what they are asking. There is still room for prices to drop as far as I can tell. Getting a good agent down there who does not sugar coat the prices and issues is very important. The area I am in has problems with homes with rotted drywall from China, copper pipes weakened by the type of concrete they are in, and lead paint, just to name a few things to watch out for.

Cameron
Author of Buy Florida

3

Questions and Answers / Re: Florida properties

« on: February 21, 2009, 08:47:00 PM »

On the other hand, NBC news this week was reporting that 92% of home owners still were current on their mortgage payments, giving some perspective to the alarming numbers thrown around in the press.

4

Questions and Answers / Re: Florida properties

« on: February 20, 2009, 09:20:39 PM »

The agent who said it was to be auctioned on the court house steps could have told you it was a Judicial Auction, which is the final stage in foreclosure in Florida. Usually the bank holding the mortgage is there to make sure the bids will at least pay them what they are owed, so hard to get a deal.  If it does not get any other higher bids, the bank buys it, then it becomes REO - bank owned, and goes back on the market through them or a realtor.

As it happens, I just had a book published on how to buy property in Florida for Canadians, called Buy Florida, so it is interesting to see this thread on here. Not sure what the rules are on advertising, but if anyone is interested in the book, contact me, or the publisher site, - rosseaupublishing.com, or ask questions in this thread.

Cameron