Through our international and world known website www.BankersForeclosures.com, the first time buyer, investor, 2nd home buyer, vacation home, and luxury home buyer can search and purchase these HUD Owned, Bank Owned and Foreclosed Properties. Bankers Realty Services, Inc, is the ultimate source for South Florida Real Estate Owned (REO) Foreclosed Properties. We provide our clients and investors with detailed market trends, statistics, and comparable reports in order to understand the entire foreclosure purchasing process. Click Search Bank Foreclosures Live to view hundreds of available Florida REO properties today.
When considering purchasing a South Florida property as a primary resident, second home or investment property, Bankers Realty Services and Bankers Foreclosures will help you through the entire foreclosure purchasing process. As an REO Industry Leader dedicated to the detail and expertise of Managing, Marketing & Selling REO , we will make your buying smooth and enjoyable experience.
Bank Foreclosures in Southern Florida Hold Significant Rewards for Buyers and Investors
The pervasive bank foreclosures in Southern Florida captured the attention of the nation, as the burgeoning real estate market collapsed, driving thousands of Southern Floridians out of their plush condos and mansions, bought at over-inflated prices that left them with loans they could not afford to pay when the real estate market collapsed. The old adage “one man’s tragedy is another man’s comedy” holds true as investors and new home-owners have profited greatly from Coral Springs foreclosures and Fort Lauderdale foreclosures. Foreclosures have changed the face of Coral Springs real estate and Fort Lauderdale real estate, with a dramatic shift from a seller’s dream to an aggressive buyer’s market.
The savvy investor or home buyer looking for Fort Lauderdale real estate and Coral Springs real estate invests more research into their purchase, finding realtors who specialize in foreclosure homes. There are fortunes to be made or saved in Coral Springs foreclosures and Fort Lauderdale foreclosures, buying Coral Springs real estate and Fort Lauderdale real estate at unbelievably low prices.
There are vast benefits to buying Fort Lauderdale property and Coral Springs homes at foreclosure prices. Buying from a homeowner, you are often buying their debt rather than the fair market price of the home. As prices have dropped, anyone who bought their Fort Lauderdale property and Coral Springs homes during the Southern Florida real estate boom finds that their accrued debt is more than the home is now worth, even after years of payments. Their price accounts not for the current value of the home, but for what they currently owe the bank and their closing costs.
While many homeowners are simply trying to walk away from the sale of their Fort Lauderdale real estate or Coral Springs real estate at even, many still try to make a profit or have an over-inflated sense of what their home is worth. Remember, it is their home, and is worth more to them, attributing a false sense of value to their Fort Lauderdale property and Coral Springs homes. While the listing agent can try to guide homeowners towards listing their property at a fair value to sell in today’s economy, they cannot override the desires of the homeowner. The listing agent may suggest and understand a better price on the home, desiring a quick sale in a market where listings often become more expensive than they are worth to accept, but the homeowner makes the final decision.
A listing agent may be completely pleased with your offer to purchase on Coral Springs homes and Fort Lauderdale property and advise the homeowner that it should be accepted, albeit at a lower price than what they had desired, but cannot force a seller to accept your offer. Since listings stay on the market for so long in a market that has few buyers and sellers find it impossible to compete with the prices on Fort Lauderdale foreclosures and Coral Springs foreclosures, sellers have often already taken vicious price cuts in an attempt to speed up the sale. They often feel that their home is already under-priced and do not want to accept an offer that further reduces the price of their home. When you find that a homeowner is unwilling to negotiate with your fair offer, it may be time to re-evaluate your options and begin your hunt for Coral Springs foreclosures and Fort Lauderdale foreclosures.
Although the general public perceives listings as beneficial to realtors, the cost and effort that goes into advertising, open houses, and office work is often more than it is worth in the current market, with an indeterminate period of waiting to make that investment back. When realtors do not want listings, you can be certain that banks do not want listings, shouldering the burden of countless Fort Lauderdale foreclosures and Coral Springs foreclosures, having to become real estate agents or finding a listing agent who understands the processes of listing foreclosure homes. For buyers, this means Fort Lauderdale property and Coral Springs homes priced low and intended for a quick sale to alleviate their burden as quickly as possible. While one listing can quickly become expensive for a realtor, the myriad of Fort Lauderdale foreclosures and Coral Springs foreclosures multiplies the cost for banks and they have no desire to be financially encumbered by trying to inflate the price or profit from the sale.
Whether you have purchased a home in the past or invested in real estate properties, you know that repairs can quickly become expensive and burdensome. When you are purchasing Fort Lauderdale foreclosures and Coral Springs foreclosures from the bank, rather than at the steps of the courthouse, the bank has made your purchase as simple as possible by either repairing the house themselves or offering you a credit for repairs. This is particularly valuable to an investor who knows the expense, frustration, and time of hiring a contractor to repair their Fort Lauderdale property and Coral Springs homes. If the bank has already done the repairs, the property is immediately ready to move into or list for rental. If they are offering a credit, having the money upfront often helps you negotiate with contractors and gives you leverage. Using the credit to make the repairs yourself saves you the hassle and added interest of putting the repairs and replacement of appliances on credit after already making a huge purchase. It is often difficult to part with the money necessary to remodel your home immediately after making the overwhelming down payment on your Fort Lauderdale property or Coral Springs home.
An added bonus to the bank’s desire to sell the property is that they will often offer you better financing options. Over the course of 30 years, lower interest rates add up to tens of thousands of dollars saved on top of the already discounted foreclosure price. For a real idea of what better financing options will save you, you will be floored by the final price difference if you compare a seemingly minimal difference in percentage on an online mortgage calculator that estimates the total amount you pay in 30 years. In addition to better rates, there are often many mortgage types that the average home buyer is unaware of. Banks are much more willing to pursue these options that often seem risky in the unstable economy with someone who is purchasing Coral Springs foreclosures or Fort Lauderdale foreclosures from them. There is a mortgage style to suit every person and every lifestyle, they are just infrequently offered.
Looking for Coral Springs homes and Fort Lauderdale property starts with diligent research, learning your options and what comparable properties have recently sold for and how long they have been on the Coral Springs real estate and Fort Lauderdale real estate markets, giving you leverage for negotiation. Consider how much research you often put into simple purchases or buying a car; much more research should be put into the life decision of buying Coral Springs homes or Fort Lauderdale property, not relying solely on the expertise of your realtor. When looking for a realtor who specializes in Coral Springs foreclosures and Fort Lauderdale foreclosures, being informed yourself can help you select the right person to guide your purchase.
After you have selected a realtor who specializes in bank foreclosures in the Fort Lauderdale real estate and Coral Springs real estate market, their expertise and willingness to sell foreclosure homes will guide you towards the purchase of a dream home at the lowest possible price. Southern Florida has a notoriously aggressive real estate market and finding an affordable home or investment has been a challenge in the past. It can still prove difficult, but with the right Fort Lauderdale real estate agent or Coral Springs real estate agent, you will find endless options to suit your needs and price point. Whether you are simply looking at getting into an affordable home or looking to the future, now is a better time than any to purchase Fort Lauderdale property and Coral Springs homes.
Looking towards the future of Fort Lauderdale real estate and Coral Springs real estate, buying a foreclosure home now has the potential to pay off exponentially. The market will inevitably turn around, returning to higher prices and the former glory of Southern Floridian real estate prices. In a normal market, you can estimate an increase in property values of ten percent each year, even leaving the home at status quo, without any remodeling. The wildly low prices of the Fort Lauderdale real estate and Coral Springs real estate markets have the potential to offer even greater rewards than that for the patient investor or home owner who intends to stay in their house for a length of time. Imagine what your property will be worth in ten years when bought at the foreclosure prices of today. Buying Fort Lauderdale or Coral Springs homes now offers unlimited rewards in the future.
Although it may at first seem daunting to consider living in a home for ten years, the most common reason that the average home owner often lives in a home for only four years is social mobility. As your income increases, you buy a larger or better home to match your income and lifestyle. Since the foreclosure homes in the Coral Springs real estate market and Fort Lauderdale real estate markets are often mansions or condos, the likelihood that you will need to “trade up” is greatly diminished. The foreclosure market in the rest of the country is unlike that in Southern Florida, primarily afflicting over-extended investors and homes in a low price point. During the economic boom, so many “nouveau riche” people riding the wave of rapid success and entrepreneurship that the economy lent to, quickly bottomed out when financial turbulence hit, leaving the homes of the rich as empty as any. Buying a home that would have been previously unaffordable and now is perfectly within your budget due to foreclosure allows you to stay in your home longer, putting you immediately in the home that you would have “traded up” to in four years.
For investors, the benefits of the foreclosure collapse are double-fold. Not only can they purchase an REO home at a discounted price, foreclosures have produced a generation of renters. Investors will find that whether they purchase a traditional rental property or home, there is an abundance of renters jockeying to rent your property. People who lost their home are looking for rentals of houses, not just apartments, trying to regain the lifestyle they once had, people who would have traditionally bought houses are too afraid to make a large investment or have not yet sold their home when they are re-locating, and others simply cannot afford the down payment or cannot get approved for a loan in a market where banks are requiring larger down payments and are much more cautious about approving loans, only accepting a select number of applicants. Many of these people are looking for the lifestyle that a house gives them but simply are incapable or afraid of purchasing their own.
While foreclosures in Southern Florida have become synonymous with economic disaster in the news, they are now more representative of financial opportunity than anything else. Research your options, find a real estate agent who is familiar with bank foreclosures and REO practices, and make an offer on your dream home or financial investment. Remember, the term “buyer’s market” means this is your market.