Florida Mortgage Lender Blog & Real Estate News

With the many auctions here and throughout the U.S., you may be wondering if it’s worth buying Florida real estate this way. Auctions let you bid at a public sale. Some property is being sold by the owner, but most properties are foreclosures being sold by banks.

Like any endeavor, there are pros and cons in buying Florida real estate at an auction. For instance, a pro for auctions might be the price; you can often get great discounts on nice homes through an auction. However, you may get caught up in the fervor of the bidding process and pay more for a home than you ever intended.

The Condition of the Home may be Questionable

When you work with a real estate agent to buy a home in the traditional manner, you go through the home inspection process. This ensures the home is in sound structural condition.

In an auction, you have to go with the timeframe of the bidding process and most likely will not have time to get a home inspection performed. In fact, homes sold at auction are sold “as is.” That means no improvements will be made to the home, even if you had it inspected and found something wrong. Additionally, there’s no warranty and no legal recourse to get your money back if you find problems later.

Tax liens can be Costly

In foreclosure auctions, a property may have a tax lien. If you win the auction, you may then become responsible for the payment of the tax lien. It could be a small or large amount of money, but no matter the size, you may not be able to afford it on top of the cost of the house.

Large Payments in Short Timeframes

Lastly, consider that full payment may be required at the close of the sale; if not full payment, earnest money will at least be required. Because closing usually happens within a month of the auction, it’s always best to be pre-approved for your loan before you start bidding.

If you’re looking at Florida real estate auctions for your dream home, do your homework first. You could end up with a fantastic deal, but, without enough information, you could also end up with a dead end.

If you’re looking for a great deal on a wonderful home, we can help. Call us today at 407-876-5771 for more information.

Posted by Real Estate - Associates on August 31st, 2010 9:42 PMPost a Comment (0)
Recent Posts:
Archive:
My Favorite Blogs:
Sites That Link to This Blog:

Orlando Homes for Sale image

Orlando Home Valuation image

Orlando Short Sales Foreclosure image

Access Florida Mortgages: We search Florida mortgage lenders to find the right Florida mortgage rates and best program for you. We find loans to purchase or refinance a house, debt consolidation, home improvement, 2nd mortgages, investment & commercial properties. Giving you peace of mind during the loan search process by doing all the legwork for you.

Florida Short Sale Center & Orlando Short Sale Center: offer homeowners a way to avoid foreclosure with a short sale and help save their credit.  We have a team of licensed Realtors and loss miitigation experts accross the entire state of florida who specialize in pre-foreclosures and the short sale of all types of property.

Florida Mortgage Loans & Programs Offered: New Home Purchases – First Time Home Buyer – Interest Only Loans – Second Mortgages – Jumbo Loans – Home Equity Loans – No Money Down Mortgages – Cash Out Refinancing – Debt Consolidation – Mortgage Refinancing – Home Improvement Loans – Home Loan Refinance – FHA Loans – Bad Credit Mortgage – Variable Mortgages – Commercial Mortgage – Home Mortgages – First Mortgages – Reverse Mortgage – No Documentation Loans – Low Documentation Loans – Foreign National Loans – Condo Hotel Loans – Investment Property Loans.

Florida Mortgage Statewide Metro Service Areas: Cape Coral – Fort Myers, Deltona – Daytona Beach – Ormond Beach, Fort Walton Beach – Crestview – Destin, Gainesville, Homosassa Springs, Jacksonville, Key West – Marathon, Lake City, Lakeland, Miami – Fort Lauderdale – Miami Beach, Naples – Marco Island, Ocala, Okeechobee, Orlando – Kissimmee, Palatka, Palm Bay – Melbourne - Titusville, Palm Coast, Panama City – Lynn Haven, Pensacola – Ferry Pass – Brent, Port St. Lucie – Fort Piece, Punta Gorda, Sarasota – Bradenton – Venice, Sebring, Tallahassee, Tampa – St. Petersburg – Clearwater, The Villages, Vero Beach, Wauchula


Access Florida Mortgages PO Box 692526 Orlando, FL 32869-2526
Phone: Fax:

Tell a Friend | Home | Our Blog

Copyright © 2012 Access Florida Mortgages
Portions Copyright © 2012 a la mode, inc.
Another XSite by a la mode, inc. | Admin Login| Terms of Use| Site Map