General
Welcome to the General Thread of my Blog about Distressed Properties in Florida. You can click on the comments link above on the right to read information I will post about this topic. You can also leave your own comment there.
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January 28th, 2008 at 11:31 pm
Hello and welcome to my blog! My name is David Finkelstein. I am an Attorney, a CPA and a Realtor in Florida. I started this blog to discuss legal and financial and practical issues related to buying distressed properties in Florida. It should lead to some interesting and, hopefully, helpful discussions.
I plan for my first post to be about the current situation in Florida- why there are so many distressed properties, just how distressed they are, how many there are, that type of thing. I plan posts in the future to explain how the closing process works in Florida, special considerations for buyers from other states or countries, especially Canada, how to evaluate properties and how to decide whether you should be doing this in the first place (you don’t want to become a distressed property owner, too.) We’ll also talk about other current topics like short sales, bankruptcy, foreclosures, auctions and other issues relating to distressed properties. I look forward to some great discussions.
January 28th, 2008 at 11:35 pm
A distressed property, as described in this blog is very simply a property owned by someone who can’t afford to keep it anymore and will sell it cheap. Of course, “cheap” is a relative term, so “distressed” is also a relative term. Some properties are a little distressed and some are very distressed, i.e., cheap.
Here in Florida, we have a lot of properties that are distressed under any definition of the term. We had a “bubble” where prices shot up very fast and then the bubble burst, sales dropped to zero and owners who had counted on paying a mortgage for a short time had to carry the debt for months or years beyond what they had budgeted. They ran out of money and now have to sell very cheap. How cheap? That depends on the property, the seller and the seller’s relationship with reality. Many identical properties are currently priced at widely and wildly different prices.
April 24th, 2008 at 1:58 pm
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June 3rd, 2008 at 5:09 am
That’s fine. Mine is just one opinion. I’d love for you to post your reactions and what you don’t agree on. The idea is to get all kinds of opinions. Remember, if I had this completely figured out, I’d be so rich, I wouldn’t have to run a blog!
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