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Cheap Foreclosed Property for Sale in Florida

October 2, 2009

A prospective homebuyer or investor can buy a cheap foreclosed property for sale in Brevard County, Florida. According to realtors in the area, there are a lot of good homes priced below $100,000 in Brevard.

A few years ago, one could not find a house priced under $100,000 in Brevard County as Florida was among the top places sought by people looking for a place where they can spend long vacations or where they will stay during their retirement years.

But now, the sharp rise in foreclosures and the oversupply of housing units, especially condo units, have pushed down home prices to levels never imagined in recent years.

A primary-grade teacher who has been dreaming of owning a house started looking for a property a few years ago. She saw that prices were dropping sharply from price levels in 2005, but she still could not find a unit that she could afford, so she waited.

This week she is now about to close on her dream house – a three bedroom, two-car garage and two-bath house in Palm Bay. She bought it for only $80,000.

This teacher related that she finally entered the market when she came to know of the $8,000 federal tax incentive and the availability of cheap foreclosed property for sale throughout the county.

She applied for a home loan and she got a relatively high loan amount, higher than the $70,000 through $90,000 price ranges of homes she found to be in large supply across the county.

She also said that many of the homes available for sale were foreclosures and pre-foreclosures that required only minor repairs. She looked at about 20 houses before finding the unit that she has purchased. Now, paying her monthly home loan payment is just like paying her rent because they are now nearly equal.

Brokers in the area confirmed that it is a buyer’s market in Brevard County now. A condo unit which was appraised just eight months ago at $140,000 is now selling at only $67,000 despite its access to the Royal Oak golf resort and its being a two-bedroom unit.

Realtors also said they are getting requests from buyers in other states to look for houses in the $125,000 price range and they get pleasantly surprised when they learn that they can buy a cheap foreclosed property for sale and other types of houses priced below $100,000.

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