Are you sure?
As a Real Estate Agent, I see a lot of foreclosures and talk with a lot of people that want to (or think they want to) buy foreclosures. In fact, even more buyers target foreclosures than short sales. But a lot of times, the buyers really don’t want a foreclosure… they just want a deal and think that the foreclosure search is the way to find it.
There are some pros to foreclosed properties:
- They are available to close in a reasonable time-frame.
- They are what they are.
- Often, they are priced pretty attractively.
But, it isn’t all roses and honey… there are some drawbacks:
- They are what they are.
- The selling group usually won’t do (or even allow) work on the property to pass lender inspections.
- When they are over-priced, the seller often takes forever to negotiate.
- Offers may not be answered in a timely manner.
- There might be a lot of hoops to just through.
Often, buyers go into the process with buying a foreclosure not knowing what to expect. They expect it to be like buying their last house… which probably wasn’t a foreclosure. They don’t know know to expect the peculiarities of dealing with a bank or other agency… Freddie Mac, HUD, etc.
If you are thinking about looking at foreclosures in order to find a deal, give me a shout… We can talk about what kind of strategy will get you the deal you are looking for. It might be a foreclosure, or a short sale, or just an aggressively priced traditional sale.
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