Homebuyers looking for a home in the beautiful Daytona area at value pricing can find the home of their dreams with distressed properties including short sales and foreclosures. The economic downturn affected many homeowners across the nation, and the Daytona area is no exception.
Look for distressed oceanfront and riverfront properties in Daytona Beach Shores, in town and on the water in Daytona Beach, and homes on the mainland in Holly Hill. Desirable Ormond Beach and Port Orange have distressed luxury properties for sale at bargain prices.
Click On The Links Below To Search Distressed Properties In Each Area
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Living on the Florida Coast
The towns along the scenic east coast in Volusia County have it all for the relaxed Florida lifestyle. Residents enjoy recreation, shopping and restaurants all within a short distance of the majestic Atlantic Ocean. Enjoy boating, fishing, watersports and a host of other recreational activities to take advantage of all year around pleasant weather. Golfers love the challenging championship courses, and people of all ages visit area attractions like the Daytona International Speedway, amusements on the boardwalk, the historic Ponce Inlet lighthouse and the Ormond Loop scenic drive.
What is a Distressed Property?
A distressed property is a home where the owner can no longer to pay the mortgage and/or taxes. Often, distressed properties are available for a short sale and may be at risk of foreclosure by the bank. Homes with struggling owners may be in need of substantial repairs.
- Short Sales: A short sale is a situation in which the home is listed for a bargain price where the proceeds are less than the amount owed on the property. The bank that hold the mortgage must approve the short sale and agree to take less than the amount of the mortgage.
- Foreclosures: If the short sale fails to go through, the bank will initiate foreclosure proceedings and put the home up for sale in an auction. If the home is not sold, the property becomes REO (Real Estate Owned) by the bank and is listed with a real estate agent.
During a short sale, the property is still owned by the homeowner. In a foreclosure, the property is owned by the bank. In both cases, the homebuyer can often benefit from lower prices compared to other similar homes in the area.
Seek Guidance from a Professional
If you are interested in finding a distressed property, it makes sense to partner with a real estate professional who is experienced in short sales and foreclosures. Your agent can locate distressed properties and guide you through the process. An agent experienced in short sales and foreclosures can help you determine the value of the home and put you in touch with the right professionals who can inspect and appraise the property. Your agent can also make valuable suggestions, like requesting an inspection contingency clause that will allow you to withdraw your offer if there are major structural problems.