Foreclosure is the legal process in which the bank or another real estate creditor recovers the property due to lack of payment. Once the foreclosure process is complete, the creditor sells the property. Usually a creditor sells properties below the market value to recover the initial lending plus the legal costs. Florida foreclosure priced properties generate cash flow positive properties for buyers. Real estate as an investment property is a very effective way to increase your cash flow.
Florida foreclosure priced properties have increased in recent months. Many people have stopped paying their mortgages because of various financial challenges and have lost their credit. This simply leads the banks or creditors to sell these homes at sometimes heavily reduced prices.
According to Condo Vultures, “in 2012 there were presented around 31,378 Foreclosure in South Florida, this represents an increase of 53.2% from the previous year. Most of the Foreclosures were presented in Miami, a total of 2,048.”
Florida Foreclosure Priced Properties
One of the best opportunities to buy a property in Florida this year could be through a foreclosure sale. This is an opportunity not only for investors but for the average buyer. It is necessary to be informed and investigate opportunities before buying. A good opportunity to buy is when the value of the property in foreclosure has a price with a discount of between 20% and 50% from the regular market value of the property. We will teach you how to assess what is a good foreclosure priced property at our free seminars.
Florida Home Finders of Canada is a licensed real estate brokerage firm helping you find Florida properties and vacation homes. We are registered in Ontario since 1989 offering seminars in Toronto and Southern Ontario. Please check our schedule for a seminar coming to your area in the near future.