Most buyers think that bank foreclosures are all priced below market value…think again….and don’t bother to check the records for how much was owed on the mortgage…that does not matter either.
A house with a current market value at $300,000 will be re-possessed by the bank if the owner is not paying…. they could owe $345,000 on it or a mere $5,000 it does not matter. No pay; no stay.
Consumers think that the bank will only want to cover the debt owed so the less that is owed the smaller the new asking price…not so either. The bank with get a couple of appraisals and market the property accordingly; they are in the business to make money so will try to get as much as they can.
“Bank Foreclosed” is a hot button for too many buyers. Evaluate carefully…this bank deal may not be as sweet as you think.
For an expert opinion of value and a straight answer, call me.
Eve
Showing posts with label Orlando Real Estate. Show all posts
Showing posts with label Orlando Real Estate. Show all posts
Thursday, July 30, 2009
Tuesday, June 30, 2009
East Meets West in Real Estate
There has been alot of news media in the last year about the Chinese investing in US real estate. Many of these investors are coming from Beijing and many more American Real Estate companies are doing more trade shows and marketing to this target group. On November 20-22, 2009 will be Chinas largest investment conference, check out this website for more details Money Fair China.
Chinese buyers were the 4th largest group of foreign investors in 2008. The buyers median purchase price was $450,000 and purchases occured in California and Florida. Chinese generally like the bank owned and short sales, but prefer more move in ready properties for those in real estate industry know this does not come hand and hand. Culturally Chinese are not the do-it-yourself, like Americans are, so inclusive renovation packages on homes would be useful. Additionally Chinese buyers will purchase where the best education is available for their children, and believe this is additional reason to purchase in the US. Overall the Chinese are still learning about the process of US Real Estate and this segment will continue to grow bringing the east closer to the west.
Chinese buyers were the 4th largest group of foreign investors in 2008. The buyers median purchase price was $450,000 and purchases occured in California and Florida. Chinese generally like the bank owned and short sales, but prefer more move in ready properties for those in real estate industry know this does not come hand and hand. Culturally Chinese are not the do-it-yourself, like Americans are, so inclusive renovation packages on homes would be useful. Additionally Chinese buyers will purchase where the best education is available for their children, and believe this is additional reason to purchase in the US. Overall the Chinese are still learning about the process of US Real Estate and this segment will continue to grow bringing the east closer to the west.
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