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Foreclosures – How good of an opportunity?

posted on January 15th, 2012 filed under: Arizona

 

In the Phonix  area, one of the things that you will hear commonly among real estate buyers is that they want to take the most advantage that they can of the market today. If you translate that into what they really mean, it oftentimes boils down to: “I want to find the BEST deal! It’s a buyers market and I want it all!” While that is an admirable goal, oftentimes there are several things that are overlooked by buyers.

Their desire to get a home for the LEAST possible money can lead them to look at Foreclosures as an option, as well as short sales or other homes. Many times they have heard that these can be great deals (and they can, as can ANY home) and so they want to be able to say that they took advantage. Here are the facts.

You CAN get a great deal on a foreclosure… BUT there are certain things that you must watch out for. Condition of the home, how soon can you close (in the case of short sales), home inspection differences and many other factors play into what makes a home a TRULY good deal. The overall deal will get you what YOU need (a home in the condition that you are able to utilize it), in the timeframe that you need (not strung out by short sale hassles), and with the least possible hassle. (Yes there is a COST to the hassle factor.)

The savvy investor not only looks for a great price, but a great overall value as well. Oftentimes, sitting in the same neighborhood as a foreclosure is a home where the owners want / need to sell badly. The house is in great shape and the owners will close quickly…not to mention that getting financing will be comparatively easier. The savvy buyer will pick these true values up and will find the REAL bargain in a neighborhood.

Foreclosures CAN be the best deal in the neighborhood, but information is king and the savvy buyer takes a look at all of the homes in an area and grabs the best value.

 

posted by Steve Trang // Leave A Comment