Buying a second home such as a vacation property can be a good investment in Orlando. One of the main reasons is due to the bargain prices of Orlando distress sales.
Depending on the community you choose for buying a vacation townhome or condo in the south atlantic area may just be the prime location for investing in private luxury homes for short term rentals.
The Orlando Disney Resort area is attracting home buyers who are moving to a warmer climate in retirement. In the case of Florida short sales agents they are ready to negotiate with borrowers who find themselves behind on payments and are facing foreclosure.
So if you are looking to invest in a second residence then connecting with a certified short sale specialist who offers foreclosure prevention services to homeowners in Orlando Florida would be the place to start.
The reason is because once the real estate becomes a bank owned property it is priced to sell and since the bank is most likely trying to recoup the loss from the home going into foreclosure the buyer could get a better deal if they buy at a discount from the current borrower who has received approval from the lender to sell the home for less than the market price.
A major difference in buying a short sale vs a REO Orlando Florida is the time frame of reaching closing, bank owned properties that are auctioned off at a public sale usually reach escrow much faster than short sales which can take up to 90 days to finalize the paperwork.
Profitability for the foreclosure buyer is when you can buy the residence for the amount owed and get the appreciation of interest or equity for a loan or line of credit in the second home investment property.
Remember that you will want to find a real estate broker who specializes in sales of second homes, vacation homes, villas, and investment properties for short term or long term rental in Orlando, Kissimmee, Davenport, Clermont and the Disney area.
This hot niche area will be the spot for many baby boomers who will be retiring in the next decade and what makes this such a popular destination is due to the frequent out of state travelers and tourists who are planning now by purchasing their second residence in the southeastern region.