Here’s An Opinion On:
By Tami Roberts
It is evident that the housing market over the past several years has undergone a drastic change. The real estate market which was at an all time high at one point has been replaced by record numbers of bank seizures and foreclosure rates. Many people across the nation are struggling to survive in this hard hit economy but some are taking the time to take advantage of hard to resist property deals.
Buying a home has always been the American Dream but for many households it has turned into a financial nightmare. The unstable job market, coupled with a struggling economy, has left many people unable to keep up with their home payments. Distressed sales have made it possible for people to purchase properties at extremely low prices. For example the National Association of Realtors estimated that 55 percent of homes sold nationwide during the first quarter of 2010 were distressed sales.
It is hard to deny that there are some great deals available on the market. There are several properties available on the market that are below market value. Individuals can catch great real estate deals that are 20%, 30% or more below retail value. The lender simply wants to recover any additional money that the property owner stills owes. Oftentimes they are not focused on making a huge profit. This is a great time for you to invest in an elegant new home.
If you like to dabble in the real estate market you have a chance to buy beautiful properties and resale them back to the public for more than you paid. You want to make sure that you are getting a good deal. Some of the foreclosure listings are brand new homes. Many of the properties are one year old or less. Oftentimes the property owner still owes a substantial amount on the mortgage so the price that the lender has advertised may not actually be a discount. You may find that the lender asking price is very close to the full market value of the property. Foreclosure homes are sometimes sold “as is” and in many cases residents are unable to have a full inspection of the home completed. You may find a property that only requires minor repairs but many of them have extensive damage. You must decide if you are willing to spend the additional money needed for repairs.
It is possible to find a great foreclosure deal. It is best to start by finding an up to date list of foreclosed properties. A licensed real estate agent can help you with your search by beginning you a list of available properties in your area. There are various agents that deal primarily with foreclosed properties so they are available to help you make a smart investment choice. You can also find seized properties on the websites of bank and government agencies. A quick internet search can expose a tremendous amount of listings available to you. Just be sure to use an agent who understands the rules and process in dealing with these various sites to protect yourself.
About the Author: Tami Roberts owns and operates a real estate brokerage, MyFavoriteAgent.com llc in Foley, Alabama. The very popular Daily Foreclosure Report offers subscribers free access to the best foreclosure deals on the Alabama Gulf Coast and Baldwin County. Subscribe free at
Foreclosure Listings
Source:
isnare.com
Permanent Link:
isnare.com/?aid=567271&ca=Real+Estate