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 trend can be seen throughout Florida, and on an even bigger scale, throughout the United States. Americans are loosing their homes. Banks are reclaiming houses as people can not pay their mortgages. Families are being displaced and the once booming housing market is now stagnant. The American dream of homeownership is much more complicated than wanting to purchase a home. For those who are in a position to purchase a residential home or a vacation home 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 bargains available. 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 thorough professional inspection of the property. This will help uncover any area which has been neglected. If an inspection is not possible, proceed with caution. Plan for additional expenses, above and beyond the negotiated contract price. Additionally, it is important to make sure that you are buying a property free and clear. Investigate as to whether liens exist against the property. This could be a deal breaker in the end.
Those searching for a homemay also be tempted to fall for the “bigger is better” myth. The idea of adding square footage to your place of residence is not a bad idea on the surface. Maybe you are quickly outgrowing your current dwelling. Maybe your family is expanding and could use an extra bedroom or playroom. Now may be an excellent time to buy up. Houses typically are selling for less dollars per square foot than in recent years. Remember though, that your current home is likely to sell for less too. Will the current equity 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 pocketbook ready 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 get good assistance with your purchase. A licensed real estate agent can help a buyer make sure that they are indeed doing everything they can to make a wise purchase. Purchasing a home 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 provide detailed home buying information.
