Foreclosed Properties
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When most people think of foreclosures, they think of getting a great, inexpensive deal. This can be very true. However, the Buyer must know all aspects of the transaction. Once a property is bank owned, it is usually sold “as is”. We encourage all Buyers, regardless of the circumstances, to have properties inspected prior to purchase. However, an inspection will only inform the Buyer of any necessary repairs. The Buyer in a foreclosure cannot use the report to negotiate the completion of those repairs by the Seller, the bank. Remember, too, that the former owner has had to surrender the property on less than desirable terms. The property could be stripped of all appliances or anything that is easily removed, have intentional damage to it and/or poor maintenance simply due to the financial status of the previous owners. Foreclosures can be great finds, if you think of them as “fixer uppers”. After getting the inspection, know exactly how much repairs will cost before purchasing that “inexpensive” foreclosure. You don’t want to be saving money on one end, only to find you’ve purchased the proverbial “Money Pit".
For all of you out there looking for great foreclosure deals on the island, we do have some for you. Most REO properties will be in the surrounding towns of Los Fresnos, Laguna Vista, Brownsville and so forth. South Padre Island just does not have the overload of foreclosures that you hear about on the news in other areas of the nation. When one does come available, be ready to move quickly with an offer with proof of funds or pre-qualification letter. Although, you must act quickly for the deal, don't expect the bank to do so. It may take up to a month or more to hear whether or not your offer has been accepted. 
A shortage of forclosures on the island is great news for our current owners, and very encouraging for the investor contemplating a first-time purchase here. A South Padre Island purchase is a sound investment! Property prices have been on a steady increase in the past years, but South Padre Island properties have never been priced out of the market. Therefore, home values are not taking the drastic drop that you see in other parts of the country. In the past year, many properties have held their values, with some contining to rise. Don't let some rising prices scare you, though! South Padre Island still has some of the lowest priced beachfront properties in the nation.
Ever want to get in on the ground floor of a great deal? Now's your chance! South Padre Island has been fairly “unknown” as a resort area until recently, in spite of the same latitude positioning as Miami, FL, offering the same great weather & waterfront exposure. But we are alive and growing! Excitement is in the air as new communities and businesses are helping to shape our thus far sparsely developed island. With all its natural beauty and resources, South Padre Island is still largely undeveloped. However, with recent exposure in such publications as Money Magazine and Southern Living to name a few, SPI is on the verge of something big! An island purchase is perfect at this time, with inexpensive waterfront properties and low interest rates. Also, property rental on the island is a year-round industry. Peak season rentals in the spring and summer, with long-term Winter Texan rentals, help owners cover their costs... and can even make properties cash flow when managed properly.
As stated, South Padre has some of the lowest priced resort properties in the nation, and there are plenty of great deals out there! All things considered, re-sale properties in today's market on the island can often be your better buy. I would hope that you don’t limit yourselves to foreclosures simply because of the “inexpensive” lure. Generally, Sellers are willing to negotiate prices, especially in the winter. When ready to purchase, give us a call. We know the island, its properties and its builders. We'll work hard to find you the best deals in town!
Top 10 Myths About Buying A Foreclosure
