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Ocala Bank Sales and Foreclosures |
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The difference between a bank foreclosure and a short sale is that the bank has now taken title to the house and is the legal owner. Prices offered by banks can range from great to really mediocre. Banks view their inventory as a whole, looking to hold firm on desirable homes and get rid of those in poor areas or in poor condition first.
In a foreclosure the house is sold “As Is with right to inspect”. In Florida the seller is often asked to make repairs found during the home inspection up to a certain limit set out in the purchase agreement. In a bank sale the buyer is expected to pay for title insurance which is somewhere around $1,500.00 on a $200K house. In some cases I’ve seen banks asking the buyers to pay Doc Stamps, a Florida real estate tax on the sale of a home usually paid by the seller. Doc stamps are .007 times the sale price or about $1,400.00 on a $200K home. The point here is that there are expenses in a bank sale that are not present in a traditional sale.
Foreclosures cross a broad spectrum of the real estate market. You would think they would be mostly new homes lost by speculators but that is not the case. Foreclosures can range from an old mobile home to very large upscale homes.
I do believe that bank sales are just getting started here in Ocala. The whole legal procedure takes months from the time the owner can no longer keep up their payments to the actual changing of ownership. I believe there is a back log out there that will hit the market later this year. I already see more and more bank sales getting listed every day.
As in buying any property the only way to determine value is to compare the property to sales in the last 3 to 6 months and active homes that are for sale. In a declining market active listings can be lower than recent sales especially in competitive sub divisions. Don't asume it's the best deal out there just because it is now owned by a bank.
If you are interested in foreclosures I can set you up a Listing Cart on the Ocala/Marion county MLS and load every foreclosure in the county into it and you can browse listings in the comfort of your living room.
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Joe Dallorso
Keller Williams Cornerstone Realty
5400 SW College Road, Suite 402
Ocala, FL 34474
(352) 598-4340 |
  
Each Keller Williams Realty office is independently owned and operated.
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