Home foreclosures have increased in the Daytona Beach and Port Orange area over the past year. There is an increase in Port Orange home foreclosures and I have also noticed an increase in Daytona Beach condo foreclosures. Calls from buyers that want to test the foreclosure market are definitely increasing and It is important for buyers to understand the foreclosure process. Knowledge is the key to winning in the foreclosure market! Properties are sold as is and a foreclosed home can end up being a real nightmare.
Things you should know when buying a foreclosed home:
- Not all foreclosed homes are a good deal
- Check for liens, unpaid property taxes
- Success rate is very low
- Mortgage being foreclosed the first mortgage?