‘We Bought a Foreclosure in Florida Discounted by Over $220,000—Then Came the Renovations’

by Brooke Morton

If perusing real estate listings was akin to scrolling in a dating app, Benjamin Bodenschatz, 41, would have swiped left immediately on this 1981-built fixer-upper in Titusville, FL.

His wife, Cosette, a broker at Blue Palms Realty where Benjamin also works as a real estate agent, had found the house.

The couple had spent years searching to buy their first home, and for 2.5 years, she had been following the listing.

To Benjamin, the listing photos “weren't all that great.”

But his wife was insistent.

Exterior - Raised Wooden Deck with White Lattice Skirting Attached to Stone House — The back of the house, facing the water (Courtesy of Benjamin Bodenschatz and Blue Palms Realty)

Exterior - Front Entrance of Stone-Clad Ranch House with Courtyard Garden and Palm Trees — The front door, facing the street (Courtesy of Benjamin Bodenschatz and Blue Palms Realty)

Living Room - Empty Carpeted Space with Stone Fireplace Wall, Vaulted Wood Ceiling, and Sliding Glass Doors — The living room, before the renovation (Courtesy of Benjamin Bodenschatz and Blue Palms Realty)

The house

The four-bedroom, 2.5-bath home first hit the multiple listing service in August 2023, listed at $700,000.

Two months later, the price dropped to $649,000. A year later, the listing agent lowered the price again—to $529,000. Another drop took the amount to $499,000.

Then in January 2026, the price was decreased to $479,000—a discount of $221,000 from the initial list price.

Interestingly, the entire time the home had been listed, it was a foreclosure. When the couple started their homebuying journey, they weren’t hunting specifically for foreclosures. Their biggest ask was “something unique.”

At the time, the couple were living in Viera, a master-planned community of 40,000 residents where every home is “cookie cutter.”

“We didn’t want to settle for the standard Florida-style home,” Benjamin says.

This foreclosure property was 3,052 square feet on 1.6 acres. It’s midcentury modern, with wood ceilings “that give that vibe.”

Most intriguing to the couple: This property was waterfront.

They made a full-price offer, which was accepted immediately.

The reality of buying a foreclosure

During the inspection period, the only issue that arose was the water heater. A new one, plus install, cost $1,000, satisfying the insurance to secure the mortgage.

But the inspection was far from the last hurdle to close.

As the couple walked through the house, making a list of what renovations needed to be done, they realized they weren’t alone.

Living Room - Renovation View Showing Newly Installed Wood Plank Flooring, Vaulted Ceiling, and Stone Fireplace Wall — Living room, after the renovation, with brand-new flooring and the mirrors removed (Courtesy of Benjamin Bodenschatz and Blue Palms Realty)

Kitchen - Unfinished Space During Cabinet Installation with Vaulted Wood Ceiling — The kitchen was entirely redone. (Courtesy of Benjamin Bodenschatz and Blue Palms Realty)

Kitchen - Renovation in Progress featuring Walnut Cabinets, Quartz Countertops, and Pendant Lighting — Kitchen with new cabinets, counters, and fixtures (Courtesy of Benjamin Bodenschatz and Blue Palms Realty)

“We were shocked when we first saw the rat snake, but then we were grateful to him—there wasn’t a single rat in the house.”

No small feat considering the home had sat vacant for three years.

Communication throughout the whole transaction was an issue as well. The other side had a listing agent, but the seller wasn’t a person—it was a department.

“Getting responses and addenda signed took forever—so much more work than with a normal transaction.”

Then there was the issue of a certain loophole specific to foreclosures.

Meeting the competition

Unlike a traditional sale where the decision-making power stays in the hands of the buyer during the inspection period and, to a certain extent, throughout the entire deal—a foreclosure sale can still be canceled by the seller up until the completion of the sale.

“Up to the day of closing, the seller could still take another offer,” says Benjamin. “It was nerve-wracking.”

The day of closing, Benjamin drove to the home to complete the final walk-through.

“A buyer was parked outside. As I was inside the home, I heard him say, ‘I have been eyeing the house for months and am going to make an offer today.'”

Hearing this, Benjamin says, “My heart dropped.”

He shared with this man that he was closing on the home that day—and luckily, the other buyer never put in an offer or, if he did, it wasn’t high enough. Benjamin and his wife were able to close that day–within the typical 30-day window.

Ideal, because the contract included a stipulation that any additional days past the scheduled closing would incur a $150-per-day penalty.

The sale left the couple ecstatic. They bought a home for $479,000 that had appraised for $610,000. When they signed the deed, they immediately gained $131,000 in equity for the home in the state it was in.

Exterior - Low Stone Retaining Wall in Front of Mid-Century Stone Ranch House — The refurbished exterior (Courtesy of Benjamin Bodenschatz and Blue Palms Realty)

Exterior - Flagstone Driveway Entrance Framed by Stone Pillars and Palm Trees — The driveway up to the house (Courtesy of Benjamin Bodenschatz and Blue Palms Realty)

Bedroom 2 - Unfinished Room Demo with Exposed Studs, Insulation, and Sliding Glass Door — Side door out to the back porch (Courtesy of Benjamin Bodenschatz and Blue Palms Realty)

Exterior - Wooden Waterfront Deck Overlooking a Scenic Pond with Spanish Moss Trees — The refurbished porch on the water (Courtesy of Benjamin Bodenschatz and Blue Palms Realty)

Getting to work

Keys in hand, the pair got to work assessing what renovation work needed to be done. The list was long.

“The carpets were nasty and had to go, the AC wasn't working right, and there were some electrical issues,” he says.

The home’s two AC units were functional at the time of inspection.

“We got lucky,” says Benjamin. “The week after we purchased the home, they failed.” The new AC unit along with installation cost $7,100.

Next came the discovery that the two electrical panels were failing. An electrician found “they were on the edge of catching fire.” They shelled out an additional $14,865.

Then there was the kitchen: “All the kitchen cabinets were all stuck—you couldn't open them.”

Add $18,700 more. The renovation expenses piled up quickly. Rather than taking out a loan, the couple paid cash—and they had some help along the way. His wife’s family had renovated and sold several homes, and supported the renovation costs.

The grand total came to $170,000.

Benjamin and Cosette have slowly been completing projects over time. The house still isn’t quite finished exactly how they want it to be, but it has come a long way.

“We got a great house at a great price and the chance to completely make it our own,” he says.

When asked if he would ever consider selling, he’s adamant the answer is no.

“I could even see this being our forever home—I could see myself living there for the rest of my life.”

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