Foreclosed beach homes might be what some people have been on the search for, regardless if they’re looking for a deal or not. While these properties are out there, they’re rarer than you might realize. Glenn Phillips, CEO of Beach Homes Realty, delves into this topic a little more with the following points.
- NOT the 2008-2009 Market: Money flow during this time involved a plethora of factors. Not to mention people were having trouble obtaining mortgages. This is not the same situation anymore.
- Interest Rates Affecting Sellers: Many mortgages now simply aren’t the adjustable rates that were present once. People are able to obtain lower interest rates. Now, this ultimately makes the home more affordable as opposed to the years prior.
- Lenders are Better Positioned: Lenders today are a lot more likely to work and be willing to help somebody that truly needs it. They aren’t in this rocky position they were in more than a decade ago. Despite the economy, somebody selling their beach home will more than likely be able to make some money off of it. With the market being strong, there isn’t a reason to rush to sell a property.
- Majority Do Not Have a Mortgage: Most people obtaining beach homes don’t have a mortgage. With no mortgage, there is no foreclosure. This results in not many beach homes actually being foreclosed in the first place.
If you’re still in search of your dream beach home, reach out to our beach experts here at beach-homes.com. Even though the chances of encountering a foreclosed beach property are slim, Beach Homes Realty’s expert agents are ready and willing to assist with any and all questions pertaining to beach real estate! You might just be surprised by what type of deal they are able to help you find.