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Investors Flocking To Florida To Buy Hurricane Damaged Homes

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Hurricane Ian recently raged through Florida, destroying or flooding thousands of homes. With or without a hurricane, buyers are seeking deals in a market that is already running out of stock in one of the hottest states for real estate in the US.

according to wall street journal, Investors and homebuyers flock to flood-ravaged areas to steal damaged homes and distressed properties.of journal Potential investors and buyers report finding that getting distressed properties during periods of low housing inventory may be the best way for people to find homes in Florida. I’m here.

Caldwell Banker agent Kelly Baldwin said: journal“I’ve never heard from anyone who wanted to stop searching the house.”

Local realtors across the state saw some homeowners throwing up their hands in exasperation, unwilling to pay the time or money needed to repair storm-ravaged homes, and this is good news for investors with cash.

Florida real estate agent Jennifer Grasso confirmed this on Florida News Channel 13. You know there are still deductibles, so this can be very difficult for people. don’t have a lot of money and the rent is very high right now,” she said.

As a result, investors are flocking for what they can buy at discounted prices. Freely Saucier of Premier Sotheby’s International Realty said, journal She’s working with buyers who plan to spend $50 million to salvage hurricane-damaged properties.

“[The buyer] They called me after the storm,” Saucier said. “These homes are still drying and being restored, so I’ve been calling agents and others for a week trying to find properties that aren’t on the market, so they haven’t been listed yet.”

A nationwide warning has been issued about the dangers of buying a used car in storm-affected Florida. Still, investors looking to resell damaged homes aren’t holding back. But local realtors like Grasso warn that you should be very careful before buying.

“I would never recommend buying a home without a home inspection, so fixing a flooded home can be very expensive, so you should know what your neighborhood comp is and how much it will cost to repair. You have to calculate the costs..we’re talking about drywall, floors and insulation, so you really have to do the math,” she said.

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