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Beneath The “Dirt” of a Foreclosed Property

By Staff | Apr 14, 2009

I was sitting in a local restaurant by myself for lunch this week when I overheard two gentlemen talking about foreclosure properties. Both of these men had their own opinions regarding the market and where to find the best deals.

It was interesting listening to both men’s opinions and interesting enough, both of them were wrong. It is amazing how many people claim to be subject matter experts but have no formalized training or accreditation to support their hypotheses.

According to statistics there are approximately 87,161 foreclosures filed and 15,153 foreclosure sales in Florida year to date with a total savings of approximately 51 percent of the values three years ago, according to Realty Trac.

Finding that deal may not be as easy as it may seem; you need to look beneath the dirt. Understanding the value of a home, cost of repairs and legalities of submitting an offer is critical and you need the help of a licensed real estate expert to navigate you through the foreclosure maze. Hire a Realtor team that has the necessary resources behind them and the ability to place you with experts that will help you with every step up, to and beyond the purchase transaction.

Great realtors – or as I call them the top 1 percent – will have a “Dream Team” assembled that is ready, willing and able to step right in to assist, guide and educate the client. This team should consist of a solid mortgage broker, a reputable property appraiser, a reliable insurance agent, a highly trained mold consultant, a conscientious property inspector, an esteemed general contractor and a renowned ASP certified staging professional. Being able to go to one realtor and obtain all the necessary professionals to complete a transaction is critical.

Having a team such as this on your side will reduce your exposure of making a mistake and buying a home that is not of value or has too many substantial repairs to make it worth the investment. It is important to use a professional realtor who is experienced, trustworthy and a true professional.

“Jason M. Jakus is a licensed realtor for Leisure American Realty, a full service Real Estate and Property Management company serving the beaches and surrounding areas of Lee County. Their office is located at 2450 Estero Blvd., Fort Myers Beach FL 33931. For more information on this or any other real estate or property management subject contact Jason at 239.463.3178 or email RealtyInfo@LeisureAmerican.com.”