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DON'T WANT TO SAY WE TOLD YOU SO...BUT
Posted by V.K. [Mel] Melhado P.A. on Wednesday, August 26th, 2009 at 8:42am.Last Sunday, the Naples Daily News re-published an article written by Holden Lewis from Bankrate.com that essentially said the same things that we have been saying for the past year or so...it ain't easy buying distressed properties. The article focused primarily on foreclose properties and one of their points was that there was minimal room for negotiation.
We have said that aside from that point, there are a lot of other issues regarding 'short sale' or foreclosed properties, especially here in Florida. One of the main issues of concern is the fact that in many cases the air conditioning has been turned off for an extensive period of time and that can certainly lead to mold in unseen areas such as walls.
There is also the issue of destruction caused by the former owners as they are vacating the property. They are not happy about losing the property and, in many cases, will remove or destroy everything they can before leaving sometimes making the cost of repairs more than the property is worth at current market.
The key is that if you are going to play in this arena, you'd better be confident in your realtor to do a lot of homework for you!
V.K. [Mel] Melhado PA
Downing-Frye Realty, Inc.
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