Foreclosures in Longwood FL are usually available. Longwood FL foreclosures only amounted to around 33 sales in 2021 if you include those homes which were auctioned. However we expect that number to climb in 2022 and 2023.
How foreclosures work
Foreclosures in Longwood FL are all sold with the assistance of the seller's Realtor. It only makes sense to have your own Realtor to assist you and help with the oftentimes more complex paperwork. After selling a lot of foreclosures and short sales you just get better at it and an experience adviser is obviously the right thing to do.
Most of the time you have to do things the way the bank wants them done. This often includes them determining when they will meet to consider offers. A normal purchase will have a buyer allow 24 to 48 hours for an answer. A bank may make you wait for a week if you want the home. They want to make sure they have all available offers. At that point the purchase will move forward if your offer is accepted. The best prices come when the banks have a larger inventory of homes which they need to sell.
How short sales work
Short sales are called short sales because of pricing, not the amount of time they take. I have seen them take 6 months. Getting your offer approved my take a week, it may take 2 months. The Bank is the final approving authority on the price the home sells for.
The seller sets the price for the home. However you can offer whatever you wish. The seller is concerned about tax implications and if they do not have good counsel assisting them they can definitely ruin a good sale. Often when many people are selling their homes in this fashion the government waves the tax penalty. However if not, the difference between the sales price and money owed can be deemed income and the seller have to pay taxes on it.
Professional assistance
The items listed above are just the tip of the iceberg. Things can get tricky and your home inspection is likely more important with these sales than any other. If you are a seller you should get an attorney and a Realtor. The Bank will not let you perform a short sale without a Realtor. That speaks volumes if you will hear it. Contact us today about any foreclosures in Longwood FL.
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The source of the listing data is as follows:
Stellar MLS (updated 5/3/25 3:51 AM) |
