The current economic downturn has resulted in a lot of foreclosed homes hitting the resale market. Tumbling prices and lenders desperate to offload their liabilities have sent out a message that these homes are bargains. But is that really the case? Not necessarily.

Buying resale and foreclosed property comes with a plethora of complications and in most cases is not the best option for the average buyer or investor. Builders and developers have also had to react to the plummeting prices and are offering excellent value homes loaded with incentives. Some are less than half their original asking price. This, coupled with all the benefits of a new home, more often than not make for a wise purchase for most people.

But, is there another option? Well, yes there is! We have been working diligently with builders, banks, and developers over the recent months and have secured homes at LESS than foreclosed prices, clear of lengthy foreclosure procedures, remodelled and checked and all ready to close. Some of these homes are already rented, some come with rental guarantees. These properties change on a daily basis so CONTACT US for latest availability.

We have summarised the differences between New and Foreclosed in the table below:

1. New Homes come with warranties.

2. Homes are delivered whole, complete & include new appliances, etc.

3. You benefit from a relationship with a builder's consultant to guide you through the process and answer your questions.

4. New homes are more energy efficient, saving you money everyday.

5. You receive new top quality building construction such as a new roof, new pool and new landscaping.

6. You are provided with a clear timeframe of your construction and get the enjoyment of watching your new home being built.

7. Not only do you get to choose the style of your home from the outside, you get many options about what goes in the inside. From the type of flooring in the kitchen to the walls in your shower, you get the piece of mind that your new home is what you have in mind.

8. New homes are built according to the new 2007 Hurricane code.

9. You receive a termite bond.

10. You have a warranty for building and appliances.

11. There are many options in financing and closing cost assistance.

12. Management companies are more eager to manage a new home.

13. New homes are more marketable and generate better rental income.

14. New homes are free of all liens or claims. There are no hidden costs.

1. Not only is the home aged, there is no warranty on anything, a risk that can cost a fortune.

2. Homes are usually not in good condition, leaving you to clean up and spend thousands on repairs and new appliances.

3. No one is there to guide you throughout the process. You need to be well prepared and research each and every detail yourself, yet still have no one to turn to after you have closed.

4. Older homes are typically less energy efficient, leaving you with higher utility bills.

5. Not only are you unaware of the home�s quality, they haven�t been maintained, often with poor landscaping, dirty roofs and overall unhealthy.

6. This is a long, drawn out process which has no certainty of time or success.

7. You have no say in the features, specifications, or style of the home. You take it as it is.

8. There is no one to fix or address issues once you have closed.

9. Old homes are built to old codes, including old or no Hurricane codes at all.

10. You do not receive any termite bond.

11. There are limited options in financing and usually no closing cost assistance.

12. Older homes generate less rental income.

13. Management companies are reluctant to take on old homes and often charge more due to increased ongoing maintenance.

14. There may be liens or claims on the property. You may be faced with thousands of Dollars of additional costs before you receive clear title.