Buying a Foreclosure

Buying a Foreclosure

With the amount of foreclosures on the market, there are many buyers taking advantage of the great deals that are available. It is important to realize both the potential profits that can be made, as well as the potential dangers involved.

Some will purchase a foreclosure to live, others to invest. I can help and advise with both aspects, and sometimes, you want to consider both options, in case of that uncertain job transfer, you may want the safety blanket of knowing you will be able to rent your home to cover your mortgage payments.

Q. What is the best way to get an awesome deal on a foreclosure?

A. Preparation and homework are the key terms here. It is my job to educate you so you know which house is a great buy. I have a streamlined process with proven results. Most of which is too lengthy to explain here. Several people have purchased foreclosures and bought excellent deals, however, taking there advice when they bought in 2007, is totally different than today's market and requirements, and we've seen totally different rules and strategies emerge.

Q. Are most foreclosures completely trashed?

A. I've seen all spectrums, many of which is dependent on 2 major factors. The area, and the price range you are looking. Overall most the homes I show aren't too bad. I'd say 8 out of 10 are OK, they just need updating; carpet, paint, kitchen updating, bathroom updating, etc. This is a main topic we will address in our initial meeting, where we can identify what your needs and goals, and determine what decisions will fit your overall plan the best.

Q. Should I even consider a foreclosure?

A. That depends on the area and price range. Certain price ranges in some communities will have more foreclosures than in other communities. In my initial meeting we will determine monthly budget and target price range. From there, we can select some areas and view 2 sets of homes, the first would be cheap, but liveable. The second would be updated and move-in ready. This will give you a clear picture of what you can do with the house, and if you want to go through the renovation work or not. There is a reason most homeowners want an updated move-in ready home for their second home. I can help advise you either way and explain your options. I've personally remodeled several properties myself from the ground up, and can usually tell what you are getting into.

Foreclosure Conclusion

Overall, I wouldn't get too worried about foreclosures, most people over think the matter, or do too much research online. Too much research? The problem with so much information, is that it is sometimes too much information. You could be gathering information from several different areas and compounding problems in your mind. Foreclosures, and real estate are different in every state.  I can be your best resource, and work with buyers every day, question is, do you want  to try to figure things out on your own, or have me educate and show you the reality of real estate.  The best thing to do is schedule an initial meeting where we can sit down, save some time, put a plan together, and simplify the process and decision making.