We’ve noted for some time that the cheapest Orlando condo foreclosures are attracting a great deal of attention. In recent weeks things have got crazier. The truth is that at the moment, the market is red hot in the under $60K bracket. So hot in fact, that it’s become almost impossible to buy anything. Condo inventory is dropping rapidly as more and more investors decide that Orlando is now at bottom.
Whereas before Christmas we had a better than even chance of making the winning bid on any given Orlando condo, the chance of winning the bid right now seems more like 10%. Of the literally dozens of contracts we’ve submitted to banks lately, only one or two have been accepted. The rest? A better offer came in. Sometimes as many as half a dozen better offers came in.Â
It’s a firm seller’s market.
So please bear with us and understand that the only way to win these bids is to place a large deposit, close quickly and make an all-cash offer – sometimes significantly over list price. You may need to place offers on multiple properties before your bid is the winning bid. Persistence is key. And aÂ stick of “Head On” might help.