Clearwater Florida Real Estate |Do you want to Buy a Foreclosed Property, REO Bank Owned, Pre-Forclosure and Save
December 8th, 2007 Categories: Clearwater Beach Florida, Clearwater Florida, Condos for Sale, Golf Course Living, Homes for Sale, Island Estates Florida, Luxury Real Estate, Pinellas County, Real Estate News, Sand Key Florida, Tampa Bay, Waterfront Living
Real Estate in Clearwater Florida | Buyers Get Bargain Waterfront Homes and Luxury Condos
I receive about 5-calls a day where someone is asking me if I have waterfront foreclosure properties and luxury real estate bargains on Clearwater Beach FL, Clearwater FL, Island Estates FL and Sand Key FL; as well as the surrounding areas we serve in Pinellas County.
Like everywhere in the United States, we have our share, so here is some information that I hope you find to be helpful in your search for your ultimate Tampa Bay real estate deal.
Yes, we do have waterfront, gulf front and luxury foreclosure, pre-foreclosure and bank owned properties in addition to homes in lovely Clearwater neighborhoods. So, let’s discuss these terms before I get into some more info on buying real estate in Pinellas County, Clearwater homes and condos in foreclosures:
Clearwater Real Estate Options for Buyers looking for Bargains, Deals and Steals:
– Pre-Foreclosure - The Pinellas County home / condo owner has or is about to miss some home loan payments to the bank.
– Foreclosure - The Pinellas County home / condo owner has missed mortgage payments and the bank has filed an action with the court to take control of the Pinellas property.
– REO - Real Estate Owned - means the bank owns the property (homes, condos, villas, town homes). The bank has taken the property from the home / condo owner and is now selling it.
Realize that in most cases, the bank cannot profit from a home, condo or town home until they own it. That means a pre-foreclosure or foreclosure
property is not profitable for a bank and that the bank is trying to
minimize the loss.
There can be some great Tampa Bay real estate bargains (especially if you’ve been thinking about a vacation home or beach house / condo) for those who are patient, and this home buying process can take from a few days to a few months to complete.
We have found many Clearwater home buyers give up before the real estate deal is complete. For example, I am helping one Clearwater Florida family with a pre-foreclosure home purchase and we are entering the fifth month, but they will be buying the property about 30% below the current Clearwater real estate market price when the deal is complete.
Once the bank owns the property, it becomes a REO. There are bargains
to be had with these bank owned properties because we are in a buyer’s
market.
That means there are too many houses for sale in Pinellas County Florida - remember supply and demand in economics. In a buyers market there is more housing inventory than can be purchased by the number of buyers in Clearwater Florida looking for homes, so you can pick up a good deal.
For example, I just helped a Pinellas home buyer purchase a REO condo for about 25% less than this North Pinellas property sold for just 2 years before.
Finally, it is important to have an experienced Clearwater FL Realtor represent you so that you know the price you will pay for any of the Clearwater homes or Clearwater beach condos for sale is the lowest possible price. You also want to make sure that any issues whether they be from home inspections, liens, egress, special assessments, back taxes, unknown heirs or claims, etc. are corrected, so that you will not have costs uncovered after closing that could wipe out all of the discount you thought you were getting with the purchase.
So, if you are ready to save money on a Pinellas County home or Gulf Beaches condo and have patience, then call me to get started on your Clearwater real estate purchase.
Clearwater Florida Real Estate
Are you looking to move to Clearwater FL or buy a home in Clearwater Florida or the Tampa Bay area we can help. We can help you find distressed, pre-foreclosure, foreclosures and short sales for waterfront homes and condos, golf course homes and condominiums and more. Here’s what some of our past clients have to say about how we helped them….
** CLICK ON PHOTOS BELOW TO SEE CLIENT VIDEO TESTIMONIALS **
Buyers tell us that selecting the best Realtor in Clearwater Florida especially online or from a distance, can be a challenge. Some of our past clients agreed to share their experiences and tell you why they think you should work with us.
Click on the photos below and meet some of our clients and now friends…we’d love to be YOUR choice too! 
The above information and images are Copyright © 2007 Jack and Cyndee Haydon, REALTORS and your Clearwater Florida Real Estate Consultants and may not be copied, reproduced, distributed, transmitted, displayed or published. All rights reserved. Plagiarism will be detected and is punishable by law.
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Call us today at (727) 422–8901!
This does seem like the season for buying in Florida! I look forward to your participation in my “February is Florida Month” promotion in Maryland.
Cyndee- There can be deals to be had but working with experienced buyers agent such as you and Jack is the key to making a successful purchase in Clearwater Florida. - Ashley
Cyndee,
The added complexity when working with these types of properties makes working with the right real estate professional even more critical. I hope the clients who have been waiting for 5 months are rewarded for their patience with a great home!
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Hi,
I already have a condo at Belleview Blvd, Clearwater. I am interested in buying additional properties for investment purposes. The properties must be in the Clearwater area, be in a good area/neighbourhood, be in a good state of repair, have good rental income potential and good prospects of an increase in value. I am willing to spend up to $800,000 for the properties.
Hi
I already have a condo in CLearwater which I visit 2 - 3 times a year. I am looking for investment property in the CLearwater area. The property must be in good repair, be in a good area/neighbourhood (crime free), have good rental prospects and good prospects for increased value.
I am prepared to spend up to $800,000
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I am interested in purchasing a waterfront condo/or townhouse and I am a Canadian. I will be using it a few times out of the year for the next few years and possibly longer at a later time. Can you please tell me, do Canadians pay a higher rate for their property taxes to the City than do US citizens, if so, what is the rate? Also, do I need to pay it all cash, or can a mortgage be arranged with say 50% down.