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Why Is Property So Cheap In Florida

Sep 3, 2008
In the last year there have been close to 280,000 home foreclosures in Florida. This state ranks second with the highest number of foreclosures in the nation. This is nearly a 300% increase over 2006. People have gotten into too much of a house for their pay possibilities and this has caused them to have to pack up and move on.

Banks and lenders just don't want to sit on empty houses! Empty houses don't produce money and they do require upkeep. That means there are a lot of properties out on the market and these will be sold with substantial savings for the buyers. This is a great opportunity for those that want to find investment property.

So, there are all kinds of properties out on the market today. There is commercial real estate, land, condominiums, homes, etc. You have your pick at great prices.

Fist let's discuss what a foreclosure is, that way you can better understand why there is so much property for sale in Florida, and why its not a scam. When someone buys a home, they usually get financing from a bank or a lending institution. They then begin to make monthly payments. When you buy a home and get a fixed interest rate, then you pay the same amount month in and month out throughout the term of the loan. But there are many loans that are not fixed interest, but are variable interest rates. This means that you may start out paying small monthly payments, but as time goes on the payments will start increasing.

These high mortgages, a loss of job, or rising interest rates cause people to not e able to pay for their home, so they have to return the property or home to the lender.

These people have no other option except to let the bank foreclose, and the lender has no other choice expect to take the property back. Worse yet, the lender doesn't want the property, this implies even more expense for them. They have to do maintenance, keep the property up, etc.

These lenders need to get rid of the property and get rid of it quickly and this means they need to either sell it directly or through an auction. They are known to even offer a 20% discount. The bank needs the money to make other loans.

This is the reason there are so many homes and so much property that can be found at great prices and which are ideal investments for those in the real estate investment business, or for people who want to buy a home at a much better price.
About the Author
With the proper plan and good research, you can get a good investment in foreclosure properties right now.
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