Daytona Beach Foreclosures – What You Should Know
Yes, you can get a great deal on foreclosures in Daytona Beach. But, it’s not easy. Here are a few things you should know about foreclosures:
- You need to be right on top of the property as it comes on the market.
- Good properties, in good locations at a low price will probably sell for more than the asking price. Yes, there are bidding wars on some of these properties.
- Foreclosures are sold as-is. You must get an inspection and make the contract contingent on that inspection.
- You will need proof of funds or financing to submit a contract.
- You may only get one chance to bid in a competitive environment.
It’s unlikely that you’re going to get a great buy without putting some work into it. It is a competitive situation, especially in the lower price ranges where over 70% of all sales in Daytona Beach happen – under $200,000. You need to be dialed into properties as they come on to the market. You need to have patience and a high tolerance for frustration when dealing with REO (real estate owned) properties. Banks are struggling with the shear volume of properties they have foreclosed.
As an alternative, we have some beautiful duplexes in Ormond Beach that are very competitively priced. We are real estate professionals so we know values and have priced our duplexes to sell. Give Lynn a call at 386-566-7503 to find out more.