Florida Home Buyers and Investors Blog

With the November 30th Date looming in the distance, first time home buyers are bidding up bank owned and other properties in an effort to get in before missing the boat.

Short-Sales are no longer a viable opportunity for first time time home buyers or those who have not owned a home in the past 3 years.  Due to the risk involved, these buyers are seeking corporate owned, and bank owned properties instead.

With a limited supply of these homes on the market, offers are coming in much higher than the list price.  Banks are listing properties under value to generate a feeding frenzy by hopeful homeowners, thereby increasing the price one is willing to pay.

Banks are well aware of the sunset date for the tax credit and using that to their advantage.  Just think, your hard earned dollars at work.

Cash is still king, but most cash buyers are seeking even greater discounts, and usually priced out of the deal by financed buyers willing to pay more.  Only the properties that are in poor condition and cannot be financed are going at steep discounts to willing cash buyers who can fix and flip them.

We recently completed a transaction.  Purchase price was $135,000 for a 3bedroom, 2 bath homes on 1.5 acres with a 1500sqft 2 story workshop.  With only $5,000 in repairs, the home sold for $180,000 in less than 3 months.  Appraisal value was $220,000.

The low end properties are definitely flying off the shelf, and I'm not trying to hype any news.  This is what I see personally, not what I read or told.  Properties in the $200-$300k range are slower, but moving very well.  Over $300k are slow, and over $500k are almost at a standstill.

Enjoy and keep call us, we appreciate your feedback.