Here are the cold hard facts about the really really low priced Florida home.
If the listing price is extremely under market price, the investment money required to get it in shape may be higher than the cost of the house.
The secret is even the most generous sellers do not give away homes for pennies on the dollar.
- Sometimes the value is in the land.
- Sometimes the value is in the potential the structure or land holds.
The price is low for a reason. People do not sell very many things including a house for a significant discount. There is always a reason for the low price and it is usually because of condition, location, poor view, etc.
Investors may indeed be purchasing homes (or what is left of one) for pennies on the dollar when non-investors would not buy the same property.
The reason – investors know what they are doing. The value may be in the land or, more specifically, the potential value of the structure or location.
Not too many years ago novice investors got caught up in the real estate market only to end up losing it all.
As a buyer sometimes the greatest value is in knowing it is time to move on and look at something else!
When you are ready to buy or sell real estate in Brevard County, Florida, call or email me.