2007: Year of Florida Foreclosures Investors
Despite being one of the leaders of the pack, the high Florida foreclosures rate will be benefiting a group of people immensely. These are the foreclosure investors. Believe it or not, foreclosure investing is all about knowing when the time is right to buy. Right now the large inventory of Florida foreclosed homes are creating a buzz among seasoned investors who are hoping to grab the best deals for foreclosure properties located in real estate hot spots.
The timing is actually perfect. The softening market is driving down prices and owners facing foreclosure are quick to negotiate prices and sell their homes in order to cut losses and avoid besmirching their credit records. Investors are not only profiting from Florida pre-foreclosures but also helping out the market as well. The more distressed homes they buy, the fewer number of homes entering the foreclosure auction and real estate owned stages. This would eventually result to a more stable market condition.
Of course, the key here is knowing where to look for these Florida pre-foreclosures. Many sellers, wanting to sell their homes as quickly as possible before the re-instatement period is up, enter into listings contract with foreclosure brokers such as Foreclosure Listings Nationwide. This way, their homes would attract buyers who have been utilizing foreclosure listings as search tools.
As of May, the state has the 4th highest foreclosures rate according to RealtyTrac. Surprisingly, there were no notice of default filed but there were 17,000 filings under LIS. Overall, there were 21,704 filings, more than double the number of filings last year and more than half of the filings made last April. Florida follows Nevada, Colorado and California. Across the nation, there was a 20 percent foreclosures rate increase from April and 90 percent from May 2006.
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