If you are considering purchasing a foreclosed property, there are several things to explore. One of the most important things is even though most banks will require the contract to be as-is you would be very wise to have a complete home inspection and see what the property will cost with repairs included to the price.
Foreclosures can be a very good buy in all price ranges for the investor or for the primary residential property. You should look at all costs in order to keep the property as a value purchase. One of the secrets that they don’t tell you is the fact that most banks require escrow to be held by a specific title company. The seller does have the right to pick the title company for closing but the buyer has the right to buy their own title insurance and most times this will save you up to $1000 in garbage fees. A lot of banks own their title companies and a lot have contracts in place with title companies so as always their motivation is profit.
Some foreclosures of interest follow:
The picture above is this property that is waterfront, the Banana River is across S. Tropical but the home comes with the riverfront property. The home is a 3 bedroom 3 bath with 2889 sq. ft. The property is 1.33 acres with a 2 car garage and pool. Of course the home needs work but could be a very good buy for either investor or home buyer. This home is priced at $247,500!
For the investor there are 2 other homes in Merritt Island that could be income producing properties as rentals.
The 1st is a 3 bedroom 2 bath home with 1144 sq. ft. and priced at $39,900.
The 2nd is a 3 bedroom 2 bath home with 1350 sq. ft. and a 2 car carport priced at $77,500.
Call today and I will build you a search that lets you know of foreclosures that hit the market; most times you have to act quickly for the good buys.
Jim Bagwell
321-213-0615
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