South Florida has the nation’s highest foreclosure rate, which means that it has a large supply of bank-owned properties. These banks prefer to sell to Florida real estate investors who pay cash, which is why 69% of South Florida home sales were paid with cash, and 66% of home sales were cash across the state of Florida.
“The banks have an urgent need to get these bad loans off their books as soon as possible,” said the founder of a South Florida club for investors. “They’re willing to sell for 30 percent less to a cash buyer rather than waiting for a buyer with a mortgage.”
The majority of those paying cash for these properties are foreign Florida real estate investors who view condominiums as a safe investment, profiting from renting out the units of the property. If you are interested in purchasing a home in South Florida, contact Boyer Law Firm’s real estate attorneys today.
Source: Sun Sentinel