Daytona Beach Foreclosures Resources

Daytona Beach Foreclosures Market is Hot

Daytona Beach Foreclosure, Short Sale and REO Resources

Over the past year, we’ve written blog posts and created web pages on foreclosures, short sales and REO opportunities. In February, 45% of all homes sold nationwide were distressed properties in some phase of foreclosure. The rate was even higher in the Daytona Beach area.

We’ve created this post to give a central resource for all those resources that we’ve created. As always, call me aat 888-519-9579 or Email me if you have questions or need information.

Foreclosures

Daytona Beach Foreclosures
Information on the foreclosure process and how to go about buying a foreclosed property.

Do Foreclosures Really Cost $70,000
How much does it cost a bank to foreclose. It’s important to know when you are negotiating before the bank forecloses a property.

Know the Facts About Volusia County Foreclosure Sales
Information from the Volusia County Clerk of Courts on how to go about buying a foreclosure of Daytona Beach, Ormond Beach, Port Orange or New Smyrna Beach foreclosed property.

Buy Foreclosure or Short Sale – Which is Best for Me?
A burning question in today’s market that every buyer should read.

Florida Foreclosed Homes
Cautions about scam artists and other sharks looking to rip you off.

Short Sales

Real Estate Short Sale Can Save You 20 to 40 Percent
Yes, you can save with short sales over the “market price,” but now the competition is heating up.

Daytona Beach Short Sales
Information and videos about short sales in Daytona Beach.

Daytona Beach Short Sales Buyers Video
Video, audio and a PDF file on how to buy a short sale.

Daytona Beach Short Sales Sellers Video
Not every seller is eligible for a short sale. The video explains who is eligible and how to go about the short sale process.

Daytona Beach REO Property

Daytona Beach REO Properties
The first of many pages we will create explaining the advantages and pitfalls of REO properties in Daytona Beach.

Ormond Beach, Port Orange and Daytona Beach foreclosure homes are plentiful, but there are dangers in buying many of these properties. Tax liens, contractor liens and IRS attachments could pop up after you buy the property unless you know what you’re doing. Don’t go it alone, call me today about any home or condo in the Daytona Beach real estate market.

We believe Daytona Beach foreclosure condos and homes in the higher end of the market will be increasing over the coming months. Few sales have occurred with these properties in the last year and many owners will walk away this year. This year will probably be the best year to buy a condo in Daytona Beach in our lifetimes.

Federal Reserve to Buy $600 Billion in Mortgage Backed Securities

Fed to Buy Mortgages and Mortgage Backed Securities

I’ve spoke many times on these pages and at www.lynnbyrne.com the until mortgage money is freed, real estate sales in general and our Daytona Beach real estate sales will be in trouble. Well the Federal Reserve is buying about $600 billion in loans and repackaged loans in an attempt to free money for lending.

This is a move to get the junk off the balance sheets of banks and mortgage lenders. Unfortunately, the junk ends up on the federal governments balance sheet – translation is that you and me pay. Fox News just estimated that the total cost of the bailouts to date is about $24,000 per man, woman and child in the US. That’s a lot of money.

I’m not sure that this is going to work. As long as the federal government keeps giving money to these lenders, what incentive do they have to actually loan money? It’s like paying them to do nothing. Here’s an alternative – the President calls in the heads of all the federally chartered banks and S&L’s and tells them to loan money or their charters will be pulled. Just a bit of incentive.

In spite of this little rant, the move will probably contribute to moving the process along. It will mean that money will be made available sooner than if it didn’t happen. I don’t expect to see an affect until early next year for Daytona Beach homes. It would be ideal if mortgage money were available when the “normal” buying season begins in February.

A word of caution. When sales do pick up again, most of the sales will be short sales and foreclosures. Until that inventory is cleared, non-distressed properties will not sell unless priced to compete with the distressed properties. For more on how you can take advantage of short sales, check out how Short Sales Can Save You 20 to 40%.