In the city of Ft. Lauderdale foreclosure rates have skyrocketed during the last year. In fact, Ft. Lauderdale foreclosures have increased in staggering amounts. This situation is evident throughout Florida, and on an even bigger scale, throughout the United States. Americans are being overtaken by house payments. Banks are reclaiming houses as homeowners are unable to pay their mortgages. Families are being displaced and the recently thriving housing market is now stagnant. The American dream of homeownership is no longer as simple as wanting to purchase a home. For those who are in a position to buy personal or investment property in Florida there are a few traps to avoid.
It may be tempting for home buyers to seize the first good deal they come upon. Bear in mind, that even in this economy,with the current state of the market, if it seems too good to be true, it often is. Certainly there are deals to be had. Short sales are plentiful and many sellers are willing to take no more than what they owe in order to escape their mortgage payments. In those situations, often the seller, because of mounting debt may have been unable to maintain proper care of their home. If every dollar is going to debt, that leaves little extra for home maintenance. A buyer should be sure to request a categorized mechanical summation of the property. This will help bring to light those things which has been neglected. If an inspection is not possible, then buyer beware. Plan for additional expenses, above and beyond the negotiated contract price. Additionally, it is important to make sure that you are buying a home outright. Investigate as to whether liens exist against the property. This could be a deal breaker in the end.
Current buyersmay also be tempted to fall for the “bigger is better” myth. The idea of adding square footage to your living space is not a bad idea on the surface. Maybe you are bursting at the seams in your current dwelling. Maybe your family is expanding and could use an extra bedroom or playroom. Now may be an the right moment to buy up. Houses typically are selling for less dollars per square foot than in past months. Remember though, that your current home is likely to sell for less too. Will the expected profit in your existing home satisfy your financial goals? Additionally, is a move to a larger space worth the hassle of selling your current home. For many people the answer is yes, but for others, the inconvenience may be too great. Also keep in mind, a move to a larger home will most likely require a larger monthly utilities bill. Home improvements may also be more costly. Is your budget able to handle those commitments?
House hunters should be careful not to get caught up in the frenzy of buying. As a house hunter it is very important to rely on the services of a trusted agent. A licensed real estate agent can help a buyer make sure that they are indeed doing everything they can to make a wise purchase. Navigating the journey without professional assistance, especially when purchasing a home through short sale or mortgage default, can be a tricky proposition. Agents are well equipped to prepare contracts, as well as, review contracts with their clients. Agents can also supply very specific purchase agreement information.
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