Why are some Bank Owned Homes for sale in Lake Mary priced so low?
No one will argue that these are trying times… The economy, housing market and health care are on the minds of many. Homebuyers today are looking for the best deals and often this means that they are interested in Bank Owned Homes / Foreclosures.
Bank Owned homes are selling… and they are selling fast.
There is a reason that many of the foreclosures that go on the market sell within days or even hours, the Bank that owns these homes prices the homes under market value.
Why do banks under price their foreclosure inventory?
The Bank just want to get the nonperforming asset off the books.
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The Bank wants to generate a lot of interest in the property with the “low” price with the desire to create a multiple offer situation, therefore driving the sales price upward.
I have been involved in so many multiple offer situations involving foreclosures within in the past year that I’ve lost count. Some successful, but many are not. Homes that seemed to be priced “to good to be true” were, with the offers coming in far above the list price and buyers left wondering “what if”…
If you are considering buying a bank owned home in Seminole County, realize that the “list price” may just be the opening bid and that if you really want to purchase the home you may have to make a considerably higher offer.
Note – Every situation is different, if you are considering purchasing a bank owned home please seek the advice of a professional.
Everyone is talking about Buying a Foreclosure Property…
Why Is It Called A Short Sale When It Takes Forever To Buy The House?
I get this question about once a day from Lake Mary homebuyers. Most people assume that because they hear “short sale” it must mean that it takes a “short” amount of time to buy the home. Unfortunately, it is often times not a short period of time at all.
A short sale typically refers to a property that is for sale, where the homeowner owes more to the mortgage holder(s) than what the current market value of the home. The mortgage holder(s) has to agree to take less money for the payoff the mortgage than what they are owed, hence the term “short sale” refers to the bank being “shorted” on their payoff. Sometimes there are two mortgages (1st and 2nd mortgage) and the first mortgage can be paid in full from the proceeds of the sale but the second cannot, often times the second mortgage holder will not accept the balance of the proceeds from the sale and effectively terminates the sale because of their resistance to take less money than they are owed.
There are what seems to be an endless amount of scenarios that could be possible in a short sale, but one thing remains the same, it often takes weeks or even months to negotiate acceptable terms with the mortgage holder(s) to facilitate the sale.
Often times, the only thing that is “short” during a “short sale” is your patience.
If you are considering purchasing a short sale in Lake Mary or Seminole County Florida please refer to these valuable resources:
What school will My child attend when I buy this house?
It’s time for students to return to the classroom and questions about schools is on a lot of parents’ minds.
Where will my child attend school is one of the most frequently asked question of Seminole County home buyers and I do have the answer.
School zones are determined by Seminole County School Board and they have a wonderful tool on their website to inquire, by the home’s address, which schools a house is zoned for during the current school year.
