Orlando Foreclosures – The Deals Are Out There

“Ok, well keep me posted if you see any good deals.”

I hear this all the time from would-be buyers on the phone who are stuck in the mud and never quite satisfied with what’s on the table. These folk never buy, because they’re always wating for something better to come along. “Sure,” I say.

What I really want to say is: “Are you kidding me? There are 22,000 listings in Orlando right now - half of them foreclosures going for a steal and we take a dozen calls a day. Why don’t YOU get back to me when you’re serious about buying?”

But of course I’m not that rude.

The truth is there are hundreds of killer deals out there right now – and you can find them all by searching our MLS database. Question is – how quick can you move if you have to?

For example, I just got back from a local condo complex on the golf course in MetroWest. I ran over there because I heard there was a condo for sale over there – a 2/2 for $44,900K. They’ve been selling for about $300K. I ran over there, because even I couldn’t believe it. I had to see if it was for real. Maybe the place was trashed, drywall all over the floor, mold from baseboards to rafters. But no, it was perfect. New stainless steel appliances, new carpet and walls clean enough to eat off. Almost. Surely some mistake with the number I thought. I called the listing agent. No mistake. I met a potential buyer there about 15 minutes later. “I want it,” she said (assuming dad agrees).

This is the best deal I’ve seen all year. And I’ve already been to a dozen auctions. It’s an Orlando bank foreclosure that was corporate owned. And if she doesn’t have it under contract in 24 hours I’ll eat my proverbial hat – and the next guy in line will take it.

Maybe that guy will be you. But if you want a deal you’ve got to be prepared to move fast. And have cash ready – or a damn good loan. There’s no “Let me think about it,” no “Well I have to talk to my bank about a mortgage.” Either you want it and make a decision today – or you’re not as serious as you think you are.

The banks aren’t playing around. And nor should you be. If you’re interested in this condo or others like it contact us asap.

(See also this post by the Orlando Real Estate Pros.)

6 Comments

  1. Marcus,

    This is a great BLOG – I am going to copy it and paste it on mine — because I showed this unit 3 days after it hit the market, and the buyer I am working with wrote an offer on the 4th day on the market. I followed up with the Keller Williams Listing Agent, and they shared with me … “we have SEVERAL offers already” and the “company” will choose the “best” offer. If you are a “ready willing able buyer” this is YOUR market … our CENTRAL FLORIDA MARKET is HOTTTTT. (in certain price ranges). Buyers, if you see a property that looks like a deal … IT IS.

  2. Thanks Rosa, I’m pretty sure it’s gone at this point – and not to my buyer! The only caveat I would add to your comments is that most of the properties that look like a deal might actually be short sale “fishing expeditions” where the price has not yet been agreed by the bank. I would urge anyone who wants a deal like this to avoid short sales and use a Realtor to find you a true bank owned property. You can tell which are which using the search engines on most websites, you’ll need a Realtor to check the MLS listing directly for the “Realtor only remarks.”

  3. I live in a condominium complex in Delaney Park, and I’ve heard about several units that are on foreclosure. I’m considering looking into purchasing one of them but I wonder…what are the drawbacks?

    When you buy something on foreclosure, aren’t you buying it “as is”?

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