Orlando Zombie Foreclosures
Orlando Zombie Foreclosures
Orlando Zombie Foreclosures is the latest real estate drama. I hate the term Orlando Zombie foreclosures! I wonder who made it up? I recently read that Orlando has the lions share of zombie foreclosures, as Florida is ranked much too high on the zombie list of illusions. At one time there were more than 300,000 zombie foreclosures in the state of Florida, but that number is dwindling quickly. Very quickly.
Orlando Zombie Foreclosures is a deserted house that is vacant and in need of repair that no one is taking responsibility for. An Orlando Zombie Foreclosure is a home that is abandoned by the precious owner and has not yet been foreclosed on by the bank. The Orlando Zombie Foreclosures have been in the foreclosure process an average of more then 1,000 days…Yikes! almost 3 years!!
Ok, I admit…there are are Orlando Zombie Foreclosures, but the drama in the news is sending a misleading message about homes in Orlando. Not all is as it seems.
Orlando is not a glut of vacant homes waiting desperately for a buyer. In fact, home prices in March 2014 were 14% higher than in March 2013 and homes prices in 2013 climbed 24%. Orlando Zombie Foreclosures are selling and inventory is shrinking…again. Bidding wars and competition for good property is still prevalent and no seller is “giving away the property”…as the media suggests.
The comments I hear from out of town home buyers is that they thought that Orlando homes would be cheaper. Homes in Orlando are cheaper than other states, but not necessarily cheap. Just because there are a few “cheap” Orlando Zombie Foreclosures advertised somewhere does not mean that it is a bargain. Every home is priced that way for a reason. If something sounds too good to be true…it probably is not true. There are no homes to steal. Yes, there are good buys but basically you get what you pay for. If you want a nice move in condition home, chances you will not be the only one submitting an offer. If you wish to buy a fixer upper, it may cost more to re-hab than the property is worth. Every home has its advantages or disadvantages which is reflected in the asking price.
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Orlando Zombie Foreclosures are not really effecting the real estate market, as the Orlando housing market is making a stonger comeback than any other city in Florida. Orlando offers a lot for all lifestyles and has a wonderful selection of beautiful property. Smart home buyers are grabbing it.
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