Foreclosed Properties in Florida Still Available

Figures released by the Orlando Regional Realtor Association for property sales in Florida for January 2011 showed that 75% of homes sold were through banking controlled foreclosures and short sales. The average price for a property on the open market was $145,000 in January, while the price for a foreclosed home was just $94,500, and an incredible $75,000 for a short sale property.

One reason these homes are so cheap is that property specialists are talking to distressed developers directly and are able to negotiate bulk discounts on high-quality pre-tenanted properties. These are then offered the sale to holiday home buyers and investors so that they can purchase a property at a price that is up to 70% less than the prices at the peak of the market.

These property specialists are also sourcing foreclosed homes directly and refurbishing them to be sold to investment buyers ready tenanted. These homes are still up to 65% cheaper than they were before the financial crisis and represent a great buy. This is because the homes are in established areas while the tenants provide a steady income.

These opportunities will not be around for much longer as sales of apartments in Orlando in January were 26% higher than in January 2010. The inventory of homes is also down by 9.5% while the numbers of people who are more than a month late paying their mortgage is also in decline. Anyone purchasing homes in Florida needs to be prepared to invest for the long term and to buy conservatively.

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