Ocala Foreclosures and bank owned properties

The difference between a bank foreclosure and a short sale is that the bank has now taken title to the house and is the legal owner. Prices offered by banks can range from great to really mediocre. Banks view their inventory as a whole, looking to hold firm on desirable homes and get rid of those in poor areas or in poor condition first.

There are several big differences between a Foreclosure sale and a traditional sale. In Florida the seller is often asked to make repairs found during the home inspection up to a certain dollar limit set out in the purchase agreement. In a foreclosure the house is sold "As Is with right to inspect".

Foreclosures cross a broad spectrum of the real estate market. You would think they would be mostly new homes lost by speculators but that is not the case. Foreclosures can range from an old mobile home to very large upscale homes.

As in buying any property the only way to determine value is to compare the property to sales in the last 30 to 90 days and active homes that are for sale. In a declining market active listings can be lower than recent sales especially in competitive sub divisions. Don't asume it's the best deal out there just because a house is now owned by a bank.

I like bank owned foreclosures much more than short sales. Ocala Foreclosures offer:

• A listing price set by the bank.
• A quick response to an offer
• A reasonable closing date 30 days
• Sometimes a great price.

I believe that bank sales are just getting started here in Ocala. The whole legal procedure takes months from the time the owner can no longer keep up their payments to the actual changing of ownership. I believe there is a back log out there that will hit the market later this year. I already see more and more bank sales getting listed every day.

If you are interested in foreclosures I can set you up a Listing Cart on the Ocala/Marion county MLS and load every foreclosure in the county into it and you can browse listings in the comfort of your living room.

NEW FEATURE visit my new Ocala Foreclosure Guide