Own Oceanfront Property through REO, Short Sales or Foreclosures- By: Jacquelyn Marks
If you have ever wanted to wake up to the sound of the sea and smell salt air while having your morning coffee, now is the chance. Nevertheless, for most people, that is a distant dream. Beachfront property traditionally goes for very high prices, considering the location and the view.
If you have ever wanted to own oceanfront property, look at real estate-owned (REO) listings, short sales in prime locations like Miami, Fla., or Los Angeles, Calif., and even at foreclosed estates on the market. Beach estate traditionally sells for high prices due to the locations, but now is chance to own the ultimate deck with a view of your favorite ocean for less.
Great Price Reductions
Foreclosed properties traditionally go on sale for less than their market value and you can expect up to a 20 percent discount on the asking price. Condominium units, apartments and homes can be found in prime areas, great neighborhoods and near your daily commute. Whether you are in the market for a primary residence or a vacation home now is the time to look.
Like most foreclosed property, it is best to have an appraisal or inspection before settling on the property. Many homes have been sitting abandoned for years, so get the best deal for your money by checking out any renovations or improvements you have to make before giving a bid for the property.
Finding Your Dream Oceanfront Home
Foreclosed properties are easy to find. Simply check the listings through your favorite real estate broker or online. Many homes are listed as is by banks, lenders or trustees.
Short sales are also a great option because you end up paying what is owed on the default and avoid paying fees. Many short sale listings can be found online or even in your local paper. Use the Internet to look for great beachfront locations in the Hamptons, Maryland, Virginia or along the tri-state area. Little known beaches are also a great investment they are better priced and great for someone who craves solitude.
Buying for Later Selling
Investing in beachfront foreclosed or short sale property now can give you an edge when the market picks up. Rehabbing then selling a property known as flipping can be a pleasurable pastime for the home lover. It can also be a lucrative one, giving you back your investment and a hefty sale commission. Beachfront property is always hot after all who does not want to live a short walking distance from the shore?
If you buy with the intent to sell, make sure you scout great locations where the property has a chance to go up in value in the future. Keep an eye out for great views, great neighborhoods and proximity to shopping and dining or short commutes to city or work hubs. This makes it easier to resell in the future. Make sure you also have a target buyer: the single professional or the family of four can make a difference in what property you choose to buy.
Grab the opportunity to own a beachfront foreclosed home while it lasts! You will never get a chance like this again.
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