Foreclosures in Clermont FL
Normally there are some foreclosures in Clermont FL for sale. Clermont Fl will average around 10 foreclosures and short sales available simply because of the size of the housing market here. Lately we have been expecting that number to possibly rise.
While bank owned homes are more difficult to purchase that traditional sales there are times when you can get a great deal this way. In all reality when banks have a low inventory of residential or commercial real estate they tend to want top dollar for the homes. However with an economic downturn the number of homes a bank has can sharply increase and the bank will move to get them sold.
There are very few VA Repos etc available any more. Since the VA changed the type of loan they issue you now must qualify to purchase one. Previously the VA had non qualifying loans allowing just about anyone to purchase them which resulted in a lot of repossessed homes. Combine that with most sellers refusing offers more than 5% below asking and you have a great reason to consider a foreclosure or short sale.
The process is slightly different. The bank has more control over the process than a traditional seller would normally have. After all they have what you want and they know it. We all assume they do not need to sell like some traditional sellers do. However other than taking slightly longer, taking some extra forms etc there is no need to not consider these properties. Especially if you are using a professional company like ours to assist you.
Short sales are a different matter. Whether you are selling or buying you definitely need a Realtor and some patience. A bank will not allow a home to be sold as a short sale without a Realtor representing the seller. That being said why a buyer would not use one is beyond me.
The bank is the final approving authority of the sales price and it can take up to 2 months sometimes to hear back from them after putting in an offer. Some banks are much harder to deal with than others. A seller only has a set amount of time to perform this type sale before the home is lost to foreclosure. In Florida we have Judicial Foreclosure and the process can take months or years depending on the backlog of cases.
The number of short sales should be on the rise. Shortly afterward the number of foreclosures will be. If you are ready you may find a great opportunity to purchase a home or investment property among the foreclosures in Clermont FL.