Foreclosure Facts

   The purchase of a foreclosed or “distressed” property can often be a great way to invest or simply get a great deal. There are however a few things that you must be aware of before choosing this route. Not all foreclosures are the great deal they appear to be at first glance and, sometimes, the great price is hiding extensive damage or repairs needed.

  Everyone has heard the term “buyer beware” and foreclosures are a great example of the validity of this statement. It is important to consider many factors when contemplating the purchase of a foreclosure such as:

· Condition of the home. Many foreclosures will be listed for significantly less than the market value but may require extensive repairs and updating to get into saleable condition. These repairs can quickly eat into any potential profits and make a great deal a bust.

·   Neighborhood conditions. If a neighborhood has many foreclosures this will typically have an effect on the value of the neighborhood as a whole and may hurt the overall return on investment.

·   List price vs market price. While it is true that foreclosures do tend to be listed for lower than market value it is important to remember that the bank that owns the property is in the business of making money and will want to net the maximum possible gain from the sale.

These are just a few of many factors that should be considered when purchasing a foreclosed property. Golden Realty & Management has a team of agents that specialize in investment Real Estate and have the knowledge and experience to navigate our market and pick out the great deals and dismiss the lemons. Don’t hesitate to contact us today for a free in-depth consultation with one of our foreclosure experts.

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