Florida Property
I was reading a post earlier today, that of course i cannot find now. Someone mentioned Florida properties for sale there cheap, like 30-50k for a two bedroom home. I scoured the internet also an...
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rockhillmanor - My experiences may have been different than yours, but they are the truth. About 18 months ago we pursued the short sale/foreclosure angle.
Several others staying in our RV park were doing the same thing, only they really were more enthused than us. One even hired a local attorney to make sure he was not being scammed. Florida is a sunny place but it still has its share of shady characters. It did not help. All of the deals were on track to go through and then something always came along to screw things up. Sometimes the properties involved more than one lender. Getting multiple lenders to agree on anything is like herding cats. Three years ago a friend of mine literally had 25 offers pending on various short sales in Michigan and every single one was a bust. Apparently that process has gotten better. It certainly couldn't have gotten any worse.
Now we only looked at three bedroom homes, not two. We have children and grand children we would want to come and visit with us. And we did not consider buying in a truly rural area.
So rural areas must be where the best deals are, especially in the case of a house with only two bedrooms. My parents first home in Florida had only two bedrooms and that was a real drawback when they tried to sell it 25 years later.
Also keep in mind that when a property sells for half of what the seller paid, it sometimes just means the seller bought at the peak, and therefore paid twice as much as they should have. The person we bought our vacant land from this past April for $35,000 paid $65,000 for it, but they bought when prices were at their peak.
Several others staying in our RV park were doing the same thing, only they really were more enthused than us. One even hired a local attorney to make sure he was not being scammed. Florida is a sunny place but it still has its share of shady characters. It did not help. All of the deals were on track to go through and then something always came along to screw things up. Sometimes the properties involved more than one lender. Getting multiple lenders to agree on anything is like herding cats. Three years ago a friend of mine literally had 25 offers pending on various short sales in Michigan and every single one was a bust. Apparently that process has gotten better. It certainly couldn't have gotten any worse.
Now we only looked at three bedroom homes, not two. We have children and grand children we would want to come and visit with us. And we did not consider buying in a truly rural area.
So rural areas must be where the best deals are, especially in the case of a house with only two bedrooms. My parents first home in Florida had only two bedrooms and that was a real drawback when they tried to sell it 25 years later.
Also keep in mind that when a property sells for half of what the seller paid, it sometimes just means the seller bought at the peak, and therefore paid twice as much as they should have. The person we bought our vacant land from this past April for $35,000 paid $65,000 for it, but they bought when prices were at their peak.
