Foreclosures in Orlando have been among the highest in the country over the past few years. No neighborhood or community in the Orlando area didn’t have any foreclosures nearby. Foreclosures just seem like they are now a normal part of the Orlando real estate market. And they are.
If you drive around Orlando looking at homes for sale you will see so many for sale signs in the front yard with the word foreclosure on it. Or if you are searching online for homes for sale you will see so many of them listed as foreclosures. For a home owner, the word foreclosures is not a nice thing to hear. But to a home buyer this can be a wonderful word.
When most of us think of foreclosures, in Orlando or elsewhere, we tend to think of the negative implications. However, foreclosures can provide great opportunities to anyone looking to buy a home in Orlando. These Orlando foreclosures could provide your family with their dream home.
When a lender decides to foreclose on a home they normally buy it back at a very reduced price at the foreclosure sale. Once they become the official owner, they can do whatever they want with the home. It would seem logical that the lender would want to put it back on the market for the fair market value and wait for a home buyer who can make a reasonable offer. And sometimes this happens.
However, with so many foreclosures here in Orlando, the lenders now have a large inventory of foreclosure homes. They are not in the business of selling homes. Thus, they do not have the time, patience or desire to let the foreclosed home sit on the market for a long period of time. For this reason, lenders like to get rid of the foreclosed homes quickly. This is why there can often be bargains with foreclosures.
So if you are in the market for a foreclosure in Orlando, please visit us at www.YourOrlandoRealty.com for more information.
