Friday, October 15, 2010
"Fauxclosures" Hitting Florida Real Estate Market
Fauxclosures hitting Florida real estate market. It seems that bank foreclosures has been a fore front in the media lately, and now a new phenomenon hitting the real estate market. With many buyers and investors gravitating to these bargain foreclosures, some real estate agents and sellers have been marketing properties as foreclosures, but they were actually just property flips, and should not be labeled as foreclosures. One Naples couple thought they purchased a foreclosure for $464,100 in September, but found out they purchased from an investment group who bought in May for $231,000. Realtors job is to provide full disclosure and market the property accurately.