PRESTIGE PROPERTY SPECIALISTS
Kellee H. Smith, PRESTIGE PROPERTY SPECIALISTSPhone: (386) 603-2378
Email: [email protected]

How To Spot A Great Foreclosure Deal

by Kellee H. Smith 06/09/2019

If you want to take advantage of the market and to get a good deal on a foreclosure, apart from having sufficient cash, there are some few things you need to know before you complete the transaction. Before you get started, you should understand what foreclosure means. Succinctly, a foreclosure is a bank-owned property, often known as real estate owned (REO). For whatever reason, the actual owner stopped the payment of them, so the lender (e.g., Wells Fargo, Bank of America, etc.) legally took ownership of the property. When a Foreclosure is a good deal When you intend to buy a foreclosure, here is how you know you are in for a great deal:

1. “I love it” - This is what you will say after you have viewed the property, driven around the neighborhood and carefully checked the property fundamentals. You love the home because it is almost what you were aspiring for in becoming a rental property owner or new home. 

2. “ I plan to own it for a long time” - This will be your reply when asked. Regardless of how good a deal you think you are getting, the primary point when it comes to ownership is a minimum of five years. If you don’t intend to own the property for that long, it is best you remain a renter. Remember, the three most vital words in real estate are “Long-term ownership." 

3. “It is in good shape” - This is what you will say when your family members and friends ask you about the physical state of the property. A vast majority of buyers do not know how much a property renovation will cost. Here is the reality, repair is expensive and could take a very long time beyond your imagination, so make sure the contractors purchase the fixer-uppers. 

4. “ The price is similar to recent sales in the neighborhood” - This is what you will notice when you conduct a comparable market analysis of properties nearby. 

Confirm Your Suspicions 

To further help you confirm that you are about to make good foreclosure deal, you need to compare mortgage rates, get contractor estimates, and check at least eight other properties so you will be sure what the market has to offer. Following these steps will reduce any risk and ensure the foreclosure you bought was indeed a “great deal.” 

To get the best deals and avoid buyers remorse, talk to your real estate agent about the local area and any insider information.

About the Author
Author

Kellee H. Smith

  

Kellee H Smith (ABR,CRS)

Broker / Owner

Kellee Smith was born in Atlanta Georgia. Her father worked for the FAA and the family moved around Florida and Georgia before settling in DeLand Florida in 1977. She attended St Peter’s Catholic School, DeLand Jr. High and graduated from DeLand High School in 1983. She received her AA degree from Brevard College, in Brevard North Carolina. She transferred to Florida State University where she received her BS degree in 1988. 

Kellee obtained her real estate license in 2000, while living in Atlanta and working for REMAX until starting her own brokerage in 2011. Kellee moved back to her hometown in 2015 with a goal of helping her parents leave a legacy by growing the family real estate company, Prestige Property Specialists. Her parents started Prestige Property Specialists in 1988. The company specializes in residential, commercial and property management. She is passionate about ethics and education in the real estate industry. It is more than just a business, it is a true legacy for her family. Kellee maintains the highest professional standards for her clients and the agents at Prestige Property Specialists. She earned the Certified Residential Specialist (CRS) designation, which is the highest credential awarded to residential sales agents, managers and brokers. The brokerage is growing and her team of agents are looking forward to some exciting changes in 2019. 

Kellee is also passionate about recycling. She was instrumental in assisting the DeLand Breakfast Rotary and the City of DeLand in retrofitting the downtown garbage bins to include recycling receptacles. During the recycling project, she recruited sponsors and constructed a recycling mascot, which the DeLand residents helped name, “Skip D. Landfill”.

Kellee is active in her community by serving as Secretary of the DeLand Breakfast Rotary, Treasurer of Trails West Oakwood HOA, and is a member of the DeLand Area Chamber of Commerce, MainStreet DeLand Association, West Volusia Association of Realtors, DeLand Tennis Club and St Peter’s Catholic Church, Board of Directors of the DeLand Area Chamber of Commerce & Orange City Alliance. 

Kellee’s hobbies include: tennis, camping, traveling and mostly, spending time with her two adult children, family and friends.