Are foreclosures still a factor in the market
For several years following the great mortgage meltdown distressed sales (foreclosures and short sales) dominated real estate markets everywhere, to the point where they accounted for more than half the sales of residential property in many markets, South West Florida included.
Today the picture has changed significantly. Last time I looked foreclosures accounted for only 3.3% of the properties available for sale and short sales were around 0.3%.
However this does not mean there are no longer bargains to be had. In the last 6 months of 2015, foreclosures accounted for around 15% of actual closed sales.
The bottom line is that foreclosures remain on the market for a very short time, and nearly always sell below the market price, creating opportunities for both investors and end users.
Buying Bank Owned Bargains
At the height of the foreclosure frenzy, almost my entire business consisted of listing and selling foreclosure property. In the process I gained a wealth of experience (much of it the hard way) about what it takes to be successful buying "Bank Owned Bargains".
To help my clients understand the market I wrote a long series of educational email messages which in time became a BLOG and were finally brought together in an ebook. Most of the content is still valid today and you may find it interesting and vaguely amusing. If you would like a free copy please use the link below to download.
It's a 46 page pdf and I don't currently have a way to make it automatically downloadable. However if you email me at using the contact me page I'll get a copy to you.
Where Can I find Bank Owned bargains?
There is no big secret to finding bank owned foreclosures. Basically all you have to do is ask any real estate agent, because all Bank Owned Foreclosures that are actually for sale and available are listed on the Multiple Listing Service.
However to make it even easier I've created a special link just for you that will take you directly to ALL the foreclosure property currently available in Charlotte County. This is a live link and the the content is likely to change every time you come back.
Here are foreclosures in some other counties close by. If you don't see your favorite county let me know.