Given the current trends in real estate, markets across the country will be cluttered with foreclosure inventory for some time to come. As a result, real estate agents and buyers have to continue being comfortable working with foreclosure properties to help reduce this bothersome slug in the market. The faster these homes get moved, the faster the real estate market will improve and return to its healthy state of traditional home-selling and buying.
In the meantime, every buyer considering a foreclosure should take into consideration a number of factors and issues to help improve the value of purchases. There?s no sense in throwing good money after bad property.
Location Matters
Who cares if the property is the best deal this side of the Mississippi for the last 100 years? If the property is located in a depressed or faltering neighborhood, the foreclosure value is going to suffer as well. The ideal foreclosure is one that sits in a prime neighborhood, and the owner just got too far in over his head. The neighbors want the whole mess cleaned up and replaced with a new neighbor just like them. These homes sell and quickly.
Avoid Stagnant Markets
Foreclosures pile up in certain markets because the banks and lenders that carry the inventory don?t have a clue on how to liquidate properly. These locational markets can burn a buyer badly if he wants to buy a foreclosure and flip the real estate for sale soon after. Foreclosure is markets that move listings are far better. Sales generate more sales and attract other buyers, which provides a viable audience for a foreclosure-turned-new listing.
A Low Price Helps Recovery
The lower the price is on a foreclosure, the more room a buyer has to improve the property and get it marketable. There?s no sense buying a home that needs $50,000 of work, and the price is so high, only $5,000 is left to clean it up. The recovery process has to be priced into the deal for a foreclosure to work positively, especially if the buyer is planning to sell the home again for a profit.
Listen to Your Karma
Avoid any homes for sale in foreclosures that have any known tragedy associated with them. While a property is quite viable, any issues with a person dying in the home or similar just gets prospective future buyers nervous and turned off. This can cause a seemingly good foreclosure buy turn into a property anchor for a long time. Don?t assume not saying anything will keep the issue under wraps; neighbors talk and smart customers talk to the nearby folks about why the property is for sale in the first place.
About The Author: Kevin Hughes is a Boise Idaho real estate agent servicing buyers and sellers in Idaho. If you?re looking for a great home in Idaho, you can visit Kevin?s website where you can search great cities like Boise, Meridian, Nampa, and Eagle.
Source: http://madisonrealestatecafe.com/what-should-i-know-about-foreclosures/
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