Foreclosure Buying Made Simple
Foreclosures seem like a big mystery to mostly everyone. There’s so much information about Real Estate and other things out there that most people are totally confused. We can thank the internet for being invaluable and also supplying us with so much info we don't know what's really going on.
I think at times James Bond couldn't figure out how to buy a Foreclosure. Where do I look for them ? Who sells them ? Are they legitimate ? How do they happen ? Where do they pop up from ? Can I buy one ? Are they for real ? Can I really buy a house that cheaply ? Will they Explode ? Anyway.....I am going to try and simplify the confusion.
To start with Foreclosures are properties owned by the bank because someone did pay their mortgage. The bank in turn takes the property from them. Now what do they do ? They have to find a way to sell these properties. Remember the bank is not in the Real Estate Biz. That's where people like me come into place. The bank gives the property listings to Realtors to market, maintain and sell.
Realtors advertise them with the Multiple Listing Service and a host of other sources like internet, print and so on. Now I guess you wondering where do you come in ? Simple ! All Real Estate Agents have access to all the Foreclosures through the Multiple Listing Service.
How do you buy one ? Simple ! Call me ! That's one way, however, if you want to buy a Foreclosure just contact your local Real Estate Office or Realtor and ask that person to show you properties listed as Foreclosure.
The next step is to find a property you like and make an offer. This is where it could get complicated and you need to find an experienced Realtor who will understand how to handle the negotiation, You are not buying the house from a normal seller. You are buying from the bank ! The bank has no emotional involvement about the offer. They want to sell the property and have the process go as smoothly as possible without wrinkles.
So what do you do ? Find a Realtor who understands the necessary paperwork and process involved. You will need to supply a deposit and proof of funds or a legitimate pre-qualification approval letter from a lender. The bank wants no hassles and wants to know you have the MONEY ! The other factor is YOU and the REALTOR need to be conscientious about the timing. Timing is crucial in the process. The bank doesn't want to waste time waiting for the MONEY or the Contracts to be signed.
Foreclosures are a fantastic opportunity to buy a property at a reduced market value. I wish everyone good luck in their property hunting.
My name is Tony Hammer and if you want to buy a Foreclosure Contact me anytime ! I am a Certified REO & Foreclosure Specialist in Fort Lauderdale and surrounding areas. By the way, REO stands for Real Estate Owned by the bank.
Tony Hammer
Certified Foreclosure & Luxury Property Specialist
954-394-8216
tonyhammer10@gmail.com
Now is the best Time to Buy !
NOW IS THE BEST TIME TO BUY!! Prices have come down and the better properties are disappearing quickly. The opportunities to negotiate are endless. Call me so I can help you capitalize on some great values that are possible in today's market. My goal is to assist you in finding the ideal property, as well as those Sellers who might be flexible and willing to negotiate in this market. It can be challenging, but the opportunities are endless. Many buyers are sitting on the sidelines waiting for prices to hit bottom. At that point, there will be a feeding frenzy and your ability to negotiate will be diminished. It is always easier to negotiate when the playing field is limited.
There is a huge amount of inventory available today and opportunities are endless. The challenge for the Buyer and Real Estate Agent is to sift through this large inventory to determine which Sellers are motivated to sell and negotiate accordingly. Many Sellers are reluctant to lower their price, yet are willing to negotiate once the process starts. Others have their property listed at or above 2005 prices, and still believe they can get their desired profit. That Seller's market is gone.
Today's buyers are more knowledgeable than ever. They look at recent closed sales when evaluating a unit to purchase. Appraisers look at closed sales within the last 6 months to form the basis for determining the value of a unit.
If a Seller is motivated to sell in a challenging market as we have today, it is necessary to review the square foot price of units sold in their immediate area, and structure the asking price so it will be perceived as the best value. Buyers in todays market are scarce and highly selective. When there is a Seller motivated to sell, he/she cannot afford to miss any opportunity,
Approximate Location Boundaries: Ft Lauderdale Beach
Location Characteristics: Ft Lauderdale has experienced tremendous growth over the past 3-4 years, resulting from the influx of luxury condos and condo/hotels along the beach, in addition to the luxury high rise residences on Las Olas and the New River area downtown. Whether you are attracted to the "New Urbanism" of city life or the beautiful ocean and sandy beaches, we have a multitude of attractions for residents and tourists alike. The Air & Sea Show in May, the Annual Boat Parade in December, world class shopping on Las Olas, The Broward Center for Performing Arts, and all the many wonderful restaurants, entertainment and exciting nightlife throughout the city. We have it all.
Don't Procrastinate About Buying Foreclosures !
I specialize in Luxury and Foreclosed Properties in the Fort Lauderdale Pompano Beach & surrounding areas. There is a tremendous inventory of properties on the market right now, however, there are good buys and then there are great buys.
When I look at a property that sold for say $500,000 two years ago and the Foreclosure price now is $175,000 what do you think ? Well, I think that’s a great buy considering the condition of the property. If the property is in immaculate condition like a lot of the Foreclosures and you can buy it for 30 cents to 40 cent on the dollar from yesterday’s prices you are making a sensational purchase. The reality is that someone didn’t buy that property because a gun was put to their head. The market probably was overinflated but how much was it worth ? Maybe 400,000 or 300,000 ? If you are buying a property for 30 to 40 cents on the dollar you are buying that property well below market. Florida had a stagnant Real Estate Market for years and was very undervalued compared to the rest of the country.
The problem with today’s general perception is that prices will continue to go down. The majority of people have an investor mentality instead of thinking about buying a great home at a price they can afford. The majority of people that buy a home are not buying to sell it, but, to have a place to live. True investors buy income producing properties, multi-unit buildings, commercial properties and so on. They buy and sell in short time periods considering the market. Real Estate is not like day trading securities !
I realize that most people are suffering financially but there are a group of people that have the cash or can get financing even though the credit criteria has tightened. That group should really take a hard look at the incredibly low prices that this market has to offer.
When you see a property that sold for double or triple the value of what you can purchase it now and you can afford it - DON’T PROCRASTINATE! Many people LOSE GREAT OPPORTUNITIES because they don’t move quickly enough to make an offer. Contrary to popular belief the GREAT BUYS HAVE MULTIPLE OFFERS AND THOSE PROPERTIES ARE SELLING. I repeat ! THOSE PROPERTIES ARE SELLING ! Smart people know a good deal when they see it but they need to move quickly and not over think the market.
I realize that most people are suffering financially but there are a group of people that have the cash or can get financing even though the credit criteria has tightened. That group should really take a hard look at the incredibly low prices that this market has to offer.
When you see a property that sold for double or triple the value of what you can purchase it now and you can afford it - DON’T PROCRASTINATE! Many people LOSE GREAT OPPORTUNITIES because they don’t move quickly enough to make an offer. Contrary to popular belief the GREAT BUYS HAVE MULTIPLE OFFERS AND THOSE PROPERTIES ARE SELLING. I repeat ! THOSE PROPERTIES ARE SELLING ! Smart people know a good deal when they see it but they need to move quickly and not over think the market
Certified REO & Foreclosure Specialist
National Association of Realtors
Florida Association of Realtors
Realtor Association of Fort Lauderdale
The majority of people that want to buy a home are not investors. There is a large group of people who don’t want to buy properties now because they think prices will continue to drop. That may be the case but there is no one alive that can precisely time when the real
estate market hits its extreme low as well as timing the extreme high.
A large group of people don’t want to buy properties now because they think prices will continue to drop. That may be the case but there is no one alive that can precisely time when the real estate market hits its extreme low as well as timing the extreme high.
The areas I specialize in are Foreclosures in Ft. Lauderdale & surrounding areas. People are waiting for the prices to drop further instead of realizing the Foreclosure home you purchase now will be lived in for a minimum of three to five years. Primary residential Foreclosure properties purchased today will be substantially higher in years to come. I don’t have a crystal ball but if you bought a property at below market value five to ten years ago is it worth substantially more today ? Absolutely !
The point is that Foreclosures are sold below the present market value. Now is a phenomenal time to buy a Primary Foreclosure Residence and financing is available for Foreclosures !
Buying a home is not only about price. In the simplest of terms it’s a place to live. Everyone needs a roof over their head. You are not buying a home to flip it ! The big questions to ask are: Am I buying a home to sell and make money short term or am I buying a place to live? Am I buying a place just because it’s a good buy ?
In realty you are buying a home because you like the home, the area, the schools, the amenities and it suits your needs.
Remember, no one will time the very bottom of this
market !
We are in very bad economic times and the fortunate few that can get financing or have the cash available to buy a primary residence should think about the long term positive aspects.
South Florida including Dade & Broward Counties has experienced a great blow in housing prices. Anyone who buys a property today will be very grateful in five to ten years.
Tony Hammer
Certified REO & Foreclosure Specialist
954-394-8216
Foreclosures & long Term Thinking
Contact Tony Hammer
Tony Hammer Group LLC
954.394.8216
EWM Real Estate
1700 E. Las Olas Blvd. Ste. 103
Fort Lauderdale, Fl. 33301
954.764.7707 Fax
tonyhammer10@gmail.com
www.tonyhammer.com
www.foreclosuresfromthebank.com
Certified Foreclosure & Luxury Property Specialists i
Fort Lauderdale-Victoria Park-Las Olas-Wilton Manors-Coral Ridge-Pompano-Hollywood-Aventura & Surrounding Areas
The Las Olas Grand Condos towers 38 stories over the beautiful New River in Fort Lauderdale with 211 condo residences. Las Olas Grand Condo units range in size from 1600 to more than 6000 square feet. The seventh floor of the Las Olas Grand contains a number of activity rooms. These include a card room, social room, billiard room and a sports bar with multiple TV's. The Las Olas Grand has 5 European style luxury villas facing the river. Each Villa averages 3150 square feet with 3 bedrooms, 3 1/2 baths, den and family room. Each Villa has a two car garage. The close proximity of Las Olas Blvd. to the Las OLas Grand Condos offers residents luxury shopping in its wonderful boutiques, superb restaurants, shops and cafes. The Las Olas Grand is one of the finest addresses in Fort Lauderdale. Views include Fort Lauderdale Beach, Intracoastal Waterway, and the City Lights of Fort Lauderdale.
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