Buying an Investment property in Florida right now can be lucrative but it’s not easy. Here is some information that may help.
If you want to purchase a Foreclosure you will not have time to look at the property prior to making an offer. The “deals” will have multiple offers within hours of being placed on the market. If the numbers work….go for it.
We suggest making strong offers and making them quickly. You may also want to make offers on multiple properties to increase your odds of getting one accepted.
However, the offers must be realistic. If the property is priced right we will not write offers for less than 97% of the asking price. It’s a waste of your time and ours.
Properties priced well will sell very quickly and usually with multiple offers. It is very common for them to sell for more than the asking (list) price. When you see a property you are interested in our job is to complete a market analysis to see what it is worth. We will then advise you on how to make an offer that will be accepted or at least considered.
- You do not have to be here to buy or close (complete) a purchase.
In order to make offers you will need POF (proof of funds) and the ability to wire a deposit in the amount of $2,500 to First American Title (escrow company). Your POF must be stated in USD (dollars).
Foreclosures are sold “As Is” with right to inspect. this means that once a property is placed under contract you have 10 days to have it inspected (surveyed). If you deem the property unacceptable after this inspection you have the option to cancel the contract at your sole discretion and get your deposit back. This 10 day period gives us time to thoroughly check out the property, on your behalf, including a complete interior and exterior photo shoot.
All offers are presented on a “As Is” offer to purchase contract that we prepare and send to you for signatures. This signed offer is then sent, with your POF and the confirmation of deposit, to the Seller’s Broker. They present it to the Seller (bank). It will take the Bank any where from 2 days to 2 weeks, or more, to respond.
Their response can be:
- Counter Offer
- Request for “Highest and Best Offer”. This is normally how multiple offers are handled.
When your offer is accepted the Bank will send over a stack of addendum that will need to be signed/initialed and added to the contract. These addendum may have 5 pages or 30 pages depending on the Bank.
When purchasing Foreclosures “Time is of the Essence”. If you need time to think things over then purchasing Foreclosures is not for you. We do this everyday. Let us use our years of experience to help you get a good property at a good price.
Other than these things purchasing a Foreclosure is pretty straight forward.
That’s it. I hope this helps. Any questions?
MORE INFO FROM BROKER BRYANT… THE SOURCE FOR CENTRAL FLORIDA REAL ESTATE
Copyright © 2009 http://www.brokerbryant.com/ | All Rights Reserved