Foreclosure Deals From the Government, December 18, 2009

Thanks to the recent wave of bank failures and foreclosed properties, prospective buyers looking for great deals have a new source of listings to take advantage of. The Federal Deposit Insurance Corp. (FDIC), along with Fannie Mae and Freddie Mac, has stepped in to liquidate thousands of vacant homes and condos across the country. Prices vary, but are usually significantly lower than market values - some homes are selling for slightly more than the transaction fees and back taxes.

Reaction to the discounts is mixed; real estate analysts say the low sales prices might decrease market values, and some view this as government intrusion in the marketplace. However, community residents support getting these vacant homes occupied quickly, and many believe this is a big step toward clearing the excess inventory of homes and condos on the market, which will lead to a recovery in coming years.

Foreclosed properties range from cluttered, damaged homes with multiple liens, to centrally located condos, to luxurious waterfront homes, to commercial and multifamily properties. All properties are sold as-is, with all repairs the responsibility of the buyer. There is high demand for the best deals, and these properties frequently receive multiple offers. However, there are deals to be had for the savvy real estate buyer or investor.

Ocean Sky Realty, LLC will be glad to represent you in the purchase of government-related homes. In addition, we have access to many other pre-foreclosures, foreclosures, and short sales in Miami-Dade County. There are currently over 500 houses for sale under $100,000, fifty of which are under $50,000. If you are interested in picking up a foreclosure property at below market value, or you are tired of renting and want to make the transition to homeownership, call us today at 305-456-6456 for an appointment.