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How to Buy a Foreclosure

As the Northwest Florida real estate market continues to show marked improvement, you can expect to see a few things. Among these include, higher home prices, more lenient lenders and fewer foreclosures. While fewer foreclosures are signs of a healthy economy, it is not always great for buyers on a budget or those in pursuit of a bargain.

Do not be disappointed. Just because foreclosures and short sales are not as widespread as a few years ago, does not mean that they do not exist. Ultimately, you may just have to search a little harder the find the one. That said, it is important that you know what you are getting yourself into when you shop for one of these homes.

Keep in mind throughout your search that foreclosed homes are sold “as-is.” Even if you are in the market for a fixer-upper, a careful inspection of the property is necessary. Inexperienced buyers should look towards REO properties rather than a foreclosed home. Often this is because the latter does not call for inspections, use of real estate agents, or mortgages to help finance the distressed property.

If a foreclosed or REO home sounds right to you, consider seeking advice from a professional. Our Destin real estate agents offer a variety of experience when it comes to short sales and will be happy to help you through the process.

 

 

 

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