The chief advantage with the units held by the bulk Bermuda Dunes owners is that they are already rented and they are being maintained. They are also available for sale without having to deal with competition from other buyers since there are several available.
The chief advantage of the short sale and bank owned (foreclosure) units at Bermuda Dunes is price. And itâ€™s a big difference â€“ like $40-$50K difference in many cases. Iâ€™ll let you figure out whether having a tenant already in place, versus finding one through a local property management company is worth that sort of capital outlay. The main disadvantage to bankÂ reposessions is that there is a good deal of competition for these units and you really need to know what youâ€™re doing in order to be successful in getting one.
The best way to move forward with bank repossessions at Bermuda Dunes (and elsewhere) is to hook up with an Orlando condo broker who specializes in distressed sales like this. They are paid by the bank so there are no commission concerns and they will run you through the drill so that you know if you can stomach the process. Bermuda Dunes foreclosureÂ prices have gone up $25K already in the last 18 months and I can almost guarantee a silimar price rise over the next 18 months given the current privateÂ owner’s pricing.
For more information on Orlando condo foreclosures, contact Condo Metropolis on: 407-290-3408.