How much do you know about foreclosures and short sales?

Foreclosure and short sales are becoming more frequent in today's market all over the country.  Unfortunately, due to many different circumstances, many people are having to negotiate with their bank to settle their mortgage debt through a "short sale" or having to give up their property to the bank through foreclosure.  This misfortune leaves many opportunities for investors in some very popular Real Estate markets. 

Buying a "short sale" or foreclosure property can be very risky for anyone, no matter how experienced you are in Real Estate investments.  This is the reason many investors or even individual home buyers are looking to professionals like Cape Appraisals to reinforce their decision making. 

One of the most common misconceptions among buyers of "short sale" and foreclosure properties is that the bank will settle for just "pennies on the dollar".  This often is not true.  It is very important that the buyer perform their own due diligence when contemplating purchasing any Real Estate.  Part of this due diligence involves obtaining an opinion of value from a local Real Estate Appraiser.  A local Real Estate Appraiser is the best source, since the Appraiser has no financial interest in the property whatsoever.  This makes the Appraiser remain objective in their opinion and throughout the entire appriasal process. Many frugal investors obtain independent appraisals to negotiate a final price with. 

Before you make your leap into purchasing a foreclosure or "short sale" property, contact Cape Appraisals to reinforce your decision.  The outcome could be that you are making a potentially profitable move, or the outcome could save you THOUSANDS of dollars!  For more information on this topic, contact our distress property valuation expert, Jim Kreider at Jim@capeappraisalsfl.com or call him at (877) 221-4254