A recent New York Times article discusses the changing face of the foreclosure market. In the past a foreclosed home usually meant boarded up windows on the other side of the tracks. The market downturn has created opportunities nationally in upscale vacation areas to purchase foreclosed homes. Traditional second home markets like Las Vegas, Park City Utah and Florida are featured in the Times article.
Here in Southwest Florida, REO property is driving the market right now. Banks are setting prices for listings far below the prices set by “ordinary sellers.” If you are an out-of-town buyer looking for a deal here in the Fort Myers area, focusing your efforts on foreclosed listings rather than short sale listings is a prudent idea. We are having significantly higher closing success with foreclosed listings, short sales have been an incredible time waster and frustrating for all involved as very few actually ever close.
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