When an individual is attempting to purchase property in Florida, the process may be complicated and even overwhelming at times. This is especially the case if the parties on both sides have different ideas about what a property is worth. However, buying residential real estate may be one of the best moves a person chooses to make in our state at this time.
It appears that now is a stellar time to buy real estate because of what is known as zombie properties. A Zombie property is a vacant home where a homeowner has moved out but the bank hasn’t gone through with the foreclosure process yet. These types of properties are often easy to identify because they feature overgrown yards and neglected pools.
Right now, about 55,000 Zombie properties exist in Florida. That’s three times the number in the state with the next largest number of Zombie properties -- Illinois. In addition, the state has a deluge of what’s called shadow inventory, or already foreclosed properties, and many of them aren’t publicly listed for sale at this time. Lenders are being strategic in how they release their inventory, thus actually preventing distressed properties from hitting the state’s market all at once. The existence of Zombie properties and shadow inventory may be what’s preventing home values in Florida from skyrocketing and becoming out of control.
The Florida residential real estate market hasn’t fully recovered yet. However, it is in the recovery process, and the present time looks like an ideal time to buy while prices are relatively reasonable. Understanding related laws may help purchases and sellers to achieve their unique objectives as swiftly and easily as possible.
Source: thedestinlog.com, "Scary shadows and zombies create a real nightmare in Florida", Rodney Elkins, Aug. 15, 2014
Source: thedestinlog.com, "Scary shadows and zombies create a real nightmare in Florida", Rodney Elkins, Aug. 15, 2014