Economic recession has been the reason for the increase in foreclosed and short sale properties. Florida’s real estate market is no exemption, even in the most opulent area of the state, the Daytona Beach. Considered as the most famous city throughout the Volusia County, Daytona Beach real estate contains lots of foreclosures and short sales. Although it is an upsetting occurrence for distressed property owners, but it is advantageous for tight-budgeted prospective buyers.
Daytona Beach, FL. Real Estate Foreclosures For Sale
First, homeowners who are in the pre-foreclosure phase may opt to place their property for short sale to avoid foreclosure. Short sale properties have lower selling price than the market price, but owners usually prefer this to avoid the effects of foreclosure on their credit standing. Next, you can buy the property after it had been foreclosed by making a bid at the county courthouse auction. Lastly, the home can be yours if no one bought it at the county auction. This is now considered a bank REO (real estate owned).
Purchasing one of the Daytona Beach foreclosures is an economical way of owning a property in the most luxurious city in Florida.