Windermere foreclosures and all the misconceptions.
This is something that even some real estate agents don’t understand, so it is good that you are reading this.
What are foreclosures?
Windermere foreclosures are properties hat has been taken back by the bank, no differently than when a car is re-possessed for non-payment. The previous owner got behind on the mortgage and the bank took it back.
The bank now owns the Windermere foreclosure…and wants to sell it.
Facts about Windermere Bank Foreclosures
In the old days the banks would price the Windermere foreclosures to sell quickly. Today banks price the foreclosure property to make money.
Banks give nothing away…there is no “sweet deal” unless the property needs work or is ugly or stale on the banks books. The majority of home buyers think that just because the bank owns it, the foreclosed property must be drastically reduced. Not necessarily so.
Banks understand the appeal that a Windermere foreclosures has to the consumer. The bank will get one or two appraisals and market the property accordingly. At market value. If the Windermere foreclosure does not sell or the offers are too low, the bank will start lowering the price. They will never accept a low ball offer, unless it is a stale listing and on the market too long. They will also not drastically mark it down unless there is reason that they have to.
Occasionally, the bank will offer the Windermere foreclosure at a below market price. In that case, more than likely there will be multiple offers and your offer must be competitive. Here is how to win in multiple offers.
Cash does talk on Windermere foreclosures
Banks love cash…if it is close to what they want to net. In multiple offer situations, the bank will prefer a cash deal, but only if it nets them the money they want. They prefer to take a financed deal if it is a higher offer and will put more money in their pocket.
For the finest in buyer representation, call Buyers Broker of Florida for a confidential chat. 407-539-1053