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Florida Residents Now Can Save About $35,000 on Foreclosed Properties

southerndailypress.comJune 4, 2013

New statistics released by Best Rate Home Loans show that home buyers in Florida can actually take advantage of the recent inundation of foreclosed homes in the state, as these properties sell at significantly lower prices than their market value. This holds especially true for those just coming off foreclosures or short sales of their own. Best Rate Home Loans believes that buyers who lost their homes a few years back due to foreclosures or short sales, or “boomerang” buyers, could take full advantage of Florida being the second-leading state in April 2013 in terms of foreclosure rate.

Currently, one out of every 363 homes in Florida is being put up for foreclosure, as the Sunshine State ranks second to Nevada in foreclosure rate by state. This is not in any case a good sign for Florida as a state, but experts see this as a case of the “what goes around, comes around” truism working for boomerang buyers in Florida.

As many homeowners have since regained momentum they may have lost during the Great Recession, those who lost their homes at least three years ago can apply for FHA assistance and purchase a foreclosed property at some $35,000 cheaper than the value of a non-foreclosed home.

The median price for homes that have returned to the market after being foreclosed is $91,000 as of the month of March 2013. That value is $26,000 lower than the national median sales price, and $74,000 less than the national average for non-foreclosure or short sale properties. With traditionally low FHA mortgage rates making payments lower for home buyers, this represents, for all intents and purposes, a huge boon for boomerang buyers hoping to use their regained solvency to purchase a new home.


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CFLA was founded by the Nation's Leading Foreclosure Defense Attorneys back in 2007 to serve the Foreclosure Defense Industry and fight pervasive Bank Fraud. Since opening our virtual doors, CFLA has rapidly expanded to become the premier online legal destination for small businesses and consumers. But as the company continues to grow, we're careful to hold true to our original vision. For us, putting the law within reach of millions of people is more than just a novel idea—it's the founding principle, just ask Andrew P. Lehman, J.D.. With convenient locations in Houston and Los Angeles, you can contact Our National Account Specialist and General Manager / Member Damion W. Emholtz at 888-758-2352 for a free Mortgage Fraud Analysis or to obtain samples of work product, including cutting edge Bloomberg Securitization Audits, Litigation Support, Quiet Title Packages, and for more information about our Nationally Accredited and U.S. Department of Education Approved "Mortgage Securitization Analyst Training Certification" Classes (3 days) 24 hours for approved CLE & MCLE Credit (Now Available Online).

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