Yes, folks, according to news sources, foreclosures are still on the increase. Due in part to property values dropping, people losing their jobs, and adjustable rate mortgages adjusting upward, the number of foreclosures keep rising. (http://my.earthlink.net/channel/news/print?guid=-20080813/48a25c40_3_ca6_15526200808)
The metro area of Cape Coral and Fort Myers was #1 in the nation for July 2008 for foreclosures, according to the article.
The upside of this is that now is a great time to buy. Prices are down and there are a lot of properties on the market. And foreclosures are often priced below non-foreclosure listings-another opportunity for you to buy at a great price.
Things to keep in mind in looking at foreclosures:
--The properties that are priced aggressively go quickly- don't sit and ponder- if you want the property, make an offer.
--Be realistic on pricing- educate yourself so that you know where the price points are (don't hold out for the impossible deal- it may be impossible to get.)
--Foreclosed properties often need "fixing up". You will need money for this- unless you take out a loan that will incorporate repairs (see "Rehab Loan" label on our blog.)
--Make sure you have inspections done. A lot of properties have been sitting vacant, with the electric and water turned off. Remember the humid climate of the Fort Myers- Estero - Bonita Springs area. (Think mold, and think bugs.)
--Take stock of your situation. Do you own a home? If not, now is a really good time to start the search. If you do own a home, consider buying investment property- again, it's a great time.
Please contact me with any questions- sandytharp@gmail.com.
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