Everybody is looking for a good deal these days and foreclosures are abundant! Many investors are back on the prowl looking for their best deals in the land of foreclosure! Everybody wants to know if we've hit bottom yet, well the answer is nobody knows. We have been in a declining market for some time and wow, I can't even believe some of the prices out there. We are like Wal Mart and have rolled back to 2003 or 2004 pricing.
I am buying now and I'd say conditions are favorable for future value. Interest rates are great and pricing is good. If you can put enough money down to have a positive cash flow on a property than it's a no brainier, just do it!
I've talked to Realtors in other parts of the United States that I do referrals with and there are very few places that have as much inventory as we do. Yes they are slow and pricing has come down across the board but what we are experiencing here in paradise is simple economics people. Supply and demand, once we reduce our inventory to a normal level the feast will be over. Our problem developed from over building and speculative buying. Everybody wanted to get rich quick and some did but just like the pyramid game, many got caught holding the goods and they didn't pay out. The game is over and we still have many properties that have some price adjustments coming down but that will all shake out in time.
Don't kid yourself playing the "wait and see" if the interest rate creeps up you've lost that savings you were looking for. This is paradise, I've live here for 30 years and Naples is the cream of the crop. We've hit bumps in the road before in real estate but we always come back and right now we are selling a lot of properties.
Let's talk about short sales, I'm sick of them.. Yes I've sold a few but it's exhausting and the banks are taking too much time to answer offers and they don't seem to care if they get through this process. I was in banking for 16 years here in Naples and sold foreclosures on that side too. Many of the people sitting in the seats at banks being negotiators right now are costing their banks thousand of dollars! In a declining market they are throwing off deals that have offers close to market value and in the end it's costing them a fortune! These homes take months to drag through foreclosure and they sit unattended with no electricity on. By the time we get some of them after the final judement has been filed they have serious mold issues, pools are green and in rural areas all outside water equipment has been stolen as well as the a/c units.
Many of the short sales have two loans on them, a primary and an equity loan. We Realtors first have to negotiate the primary loan and then the equity line (which would get bumped off in foreclosure and get nothing) and the secondary loans are giving us so much grief. They know that they have the ability to blow the deal and they can refuse to sign off or demand more money. I'm so tired of the work out on these short sales that there are very few that I'll take. I'm only going to list your short sale if it has one loan on it.
Anyway it's an exciting word in foreclosures right now and I get new ones every week. I also have several affiliates that work foreclosures so if that' s the arena your looking in....call me
There is a plethora to look through!
If you would like a current list of the foreclosures in the area, eamil me. I'll be happy to provide one Bethbrownrealtor@comcast.net or 239 250-2408
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