I was recently asked about the best way to find Tallahassee foreclosures from a reader who was bouncing around from one site to another. He was very frustrated, because it seemed there was no consolidated site for distressed properties and he felt the time it took to "find them all" was way to cumbersome. But that's when I let him in on a little secret.
We know that people shopping to buy a home in Tallahassee are looking for all sorts of distressed properties, including foreclosures, short sales, and REO properties (bank owned properties). We have created this list and we update it on a regular basis. And of course the best part, it is free. Just click the button on the left (you can also find it in the right sidebar of the Tallahassee Real Estate Blog).
Homebuyers Find Tallahassee Foreclosures A Bargain
There are many foreclosure bargains to be found. It has been estimated that the average foreclosure sale goes for roughly 20% less than similar properties not in foreclosure. Short sales are typically 10-15% below the market. But rarely is this comparing "apples to apples."
Most foreclosures need some work. If you have plenty of time and are handy, buying a Tallahassee foreclosure can often times get you into owning a home in Tallahassee at a very attractive price. But if you don't have the time, or the talents, then you should really focus on finding a good buy from a motivated homeowner who is not in distress.
Tallahassee Foreclosures In The Shadow Inventory
There are some foreclosures that are just not going to show up on most web sites, as they are part of the shadow inventory of homes. Banks are wary of flooding the market with too many foreclosures, so often times they hold some in inventory. This is why you should work with a short sale and foreclosure specialist, just to make sure that you get a view of the entire market of homes for sale.
If you would like help in finding a foreclosure, just drop me a note and we will schedule a time to get to know your preferences and provide you with the best current opportunities in Tallahassee (and beyond).
Joe Manausa, MBA is a 26 year veteran of real estate brokerage in Tallahassee, Florida and has owned and managed his own company since 1992. He is a daily blogger with content that focuses on real estate analytics and providing his clients with a tactical advantage in today's challenging market.