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Market value numbers below are estimates only and are based on our research. Please do your own due diligence before purchasing any of these properties and ensure that you work with a reputable Realtor. It is possible today's property may no longer be available as well-priced bank owned real estate (REO) is often snatched up quickly by investors.

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Freeport Population:  2,700    |   Cost of Living: 8% Above U.S. Average    |   Crime Rate:  Meets U.S. Average

 

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Today's Bargain: Single Family Home (Bank Owned)

101 Indian Bay Dr, Freeport, FL 32439

3 Bedrooms, 2 Baths, 2,409 sq. ft., built in 1997

Current Price: $159,900   Web Site

Current Market Value Estimate: $264,320

Taxes: $1,522 (2018) | HOA: Maybe

Last Sold: N/A

Attractive home with hardwood floors, crown moulding, arched doorways, deck, fireplace, about 750 feet from the water

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Florida Stats:

Population - 20,612,439

Persons 65 years old and over - 19%

High school graduates, persons age 25+ - 87%

Bachelor's degree or higher, persons age 25+ - 26%

Persons of Hispanic or Latino origin - 24%

White persons, not Hispanic - 55%

Median household income - $46,596

Social Security taxed? No

Source: U.S. Census Bureau

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Buying a Foreclosure

When home prices rise, some buyers fall for foreclosures. They're a bargain, aren't they? The short answer is - sometimes. The long answer? If your pockets are deep, if you're willing to wait, if you can do the extra work, they may be the deal of a lifetime.

Before you completely commit to buying a foreclosure, talk to a professional - a real estate agent or lawyer who specializes in foreclosures. If you don't have deep pockets, see if you can get pre-approved for a loan.

Foreclosures come in three stages. The first stage is pre-foreclosure. The owner has missed a few loan payments. The lender hasn't repossessed the home and will allow the owner to sell before the worst happens. A buyer can approach the owner and make an offer. Even when an offer is less than the current mortgage amount, all concerned parties may welcome you with open arms. Owners don't want a foreclosure on their credit record. Banks may not be ready to put the loss on their books.

Stage two is when a property goes up for auction. Tremendous savings may be had, but there are also risks. Foreclosure auctions require a steel stomach and deep pockets. All properties are offered sight unseen and without much notice. Title research or even a curbside inspection may be impossible. Buyers with the winning bid are expected to pay cash.

The last stage, when the property becomes bank owned, is a time that takes patient. Banks want to recover the unpaid mortgage and get the loss off their books, but they can be glacial about it. They have to do due diligence - clear the title and take care of repairs. A perspective buyer may find a chosen property at the bottom of the bank's to-do list. Moving a massive bank along more quickly may be best left in the hands of a professional.

Buyers who chose to jump into any stage of the foreclosure game need to be flexible, determined, and wide awake. Research, curbside inspections, and keeping a professional in your court are the keys to landing the dream deal.

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