Even though the real estate crisis in Florida was a negative economic situation, it created a good opportunity for new home buyers to find a good deal on a home. The local Gainesville FL real estate market is now recovering, but a large number of foreclosure properties remain available. Getting a great deal on a foreclosure property can save you a lot of money on a home, and there are several foreclosure Gainesville FL real estate listings that you can choose from. You will have to compete with investors to find the best foreclosure deals among Gainesville FL real estate listing, but there’s a lot you can do to find a great deal on a foreclosed home in some of the better neighborhoods in Gainesville.
Look for listings that are overpriced a little. Homes that are listed underpriced will be sold quickly to investors in most cases, so you might not be able to close on one of those homes as quickly as an overpriced Gainesville FL real estate listing. Overpriced homes can often be listed for several months without any activity, and once you make an offer on the home the bank is more likely to sell it to you.
Think about the cost to repair the property to get it up to par. Foreclosed Gainesville FL real estate will often need several thousands of dollars in repairs due to the neglect of the previous homeowner. If you are able to make the repairs yourself you can save even more money, and would benefit from purchasing a property that is more of a “fixer upper”. Find out how much the house would be worth once it has been repaired. If the house’s value will go up substantially in comparison to other local Gainesville FL real estate, and you have the opportunity to make money by investing just a little in repairs, you should strongly consider buying the home.
The neighborhood for Gainesville FL real estate also makes a huge difference in what a home could potentially be worth. You should be sure to go around the neighborhood and check the quality and condition of other homes. If other homeowners have maintained their homes and lawns, and the area is considered to be desirable, the chances are that the home’s value will increase over the next few years. Working with an expert real estate agent is a good idea to learn the specifics of the city’s real estate and neighborhoods.