HGTV’s FrontDoor.com compiled two season-appropriate, and very different, lists:
Tricks
- Every foreclosure is a bargain — Just because a house has a cheap price tag, doesn’t mean that it will be a good investment.
- Buying a foreclosure property is like buying any other property — Foreclosure deals usually involve multiple parties and specific laws. Seek out a foreclosure expert.
- Going into foreclosure is better than paying a mortgage you can’t afford — Foreclosure has major legal, tax and credit consequences and should be a last resort.
Treats
- Homeownership is affordable — There really are well maintained foreclosure properties out there, some for as little as 50 percent below their market value.
- Banks are motivated to get rid of their inventory — Banks want to get non-income-producing properties off their books as quickly as possible, which translates to competitive pricing for consumers.
- The right foreclosure can be a good investment — Whether a foreclosure purchase is destined for renting or flipping, the right property can be profitable.
Remember you can find your treat on Foreclosure.com. Our nationwide database of more than 2 million distressed real estate listings is FREE to search for seven days. Cancel at anytime.
No tricks!
To check out the complete article head over to FrontDoor.com.
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October 30, 2009 at 3:53 am
CityRidge
Yes! Foreclosure properties are really hot in the market right now. The amounts of offers submitted to these REO listing agents are starting to get ridiculous! Banks are having no problems moving their distressed properties because investors and smart small-time investors realize that their opportunities to invest in properties for dirt cheap (pun intended), will come come to an end real soon! So just a quick advise to everyone that are “thinking” about investing…don’t think about it anymore. Just invest, wisely of course. Be sure to consult with your Realtor and seek financial advise before investing.
October 30, 2009 at 1:46 pm
Foreclosure
Nice way to talk about the foreclosure situation, since it’s Haloween time!
Great one!
November 1, 2009 at 11:49 am
Rick Sack
Buyer’s beware! I Agree that many foreclosures are NOT a bargain and one must, in many cases, do more due diligence than in a conventional sale because most lenders and many of the agents representing them have very little information about the REO assets that their selling. The right property with the right homework, however, can be a great formula for a truly amazing return. In Arizona, a return not seen since the RTC days.
January 17, 2010 at 12:12 pm
Marla Lopez
In today’s market, because there are SO MANY foreclosures (bank owned properties), banks have turned to Realtors to sell their properties.
Most REO’s (bank owned properties, stands for ‘real estate owned’) are listed on the MLS.
Find a Realtor that specializes in distressed properties, and then can direct you on the ins and outs of purchasing a bank REO.
Look at the “history” of the property on the MLS, your agent can show you what it sold for in the past, giving you an idea of value based on today’s market.
As of today, January 2010, there appears to be more bank owned properties coming up for sale this year!
Happy Hunting!