Are foreclosures a good buy?

Asked by Ambrose Marton, Saint Pete Beach, FL Sun Feb 5, 2012

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9
Antonio Vega…, Agent, Saint Cloud, FL
Sun Feb 5, 2012
Foreclosures in the most part are excellent purchase opportunities.
They close fast, give you clean title, you know what you are getting into upfront.
Second choice will be a traditional sale. Stay away from short-sales.

Read this blog article for more details.
http://www.trulia.com/blog/antonio_vega-pacheco/2009/12/fore…

Tony Vega
Charles Rutenberg Realty
1 vote
Lyle Wolf, Agent, Morristown, NJ
Mon Feb 6, 2012
You might find these two articles on foreclosures helpful:

The 4 Foreclosure Related Real Estate Opportunities
http://www.trulia.com/blog/lyle_wolf/2010/11/the_4_foreclosu…

How to Buy Foreclosures at Auction
http://www.trulia.com/blog/lyle_wolf/2011/09/how_to_buy_fore…
0 votes
Annette Law…, Agent, Palm Harbor, FL
Mon Feb 6, 2012
Ambrose,
As Keith and Kinsey pointed out, it really depends on you.
Yes, they can represent great buyers. However, the process of buying a foreclosure is quite different than buy real estate through the traditional model.
Be aware, the bank selling the home defers ALL due diligence activity to the buyer. Having a good team of professionals assisting you will be essential to protect the 'non-professional' buyer.

The purpose for which you are buying is another major factors. If you have interest in Dunedin, I can certianly help you. If you would like more information on the Dunedin, Palm Harbor areas, visit the community website: http://www.MyDunedin.com

Best of success in acquiring your new home.
Annette Lawrence
ReMax Realtec Group
Palm Harbor, FL
727. 420. 4041
Web Reference:  http://www.MyDunedin.com
0 votes
Judi Monday,…, Agent, Green Valley, AZ
Sun Feb 5, 2012
Yes, they can be a fantastic opportunity for a buyer. But they aren't without their down side--make sure you have it thoroughly inspected since they have no Sellers Property Disclosure Statement and the typically, the lender won't make any repairs. Also, while the price may seem like a great deal...take into account everything that needs to be done on the property before making your offer.
0 votes
Carol Perdew, Agent, Manteca, CA
Sun Feb 5, 2012
Ambrose,

Bank-owned homes are a great opportunity for buyers in today’s market. The market share of REOs is reducing as banks are transitioning into shorts sale transactions. The benefit of bank-owned sales is they can close quickly. REOs are often priced at a good value. Some of the banks may consider working with a buyer on health and hazard repairs. Most important thing to do for buying a bank-owned home is having all of the inspections necessary to have a clear understanding of the condition of the home.

With all of the advantages buying a bank-owned home, make sure this is the right time for you to buy a home. Buying a home is a major decision so make sure you are financially ready. Don’t push yourself into buying a home if you are not ready.

Thanks,
Carol Perdew
Prudential California Realty
(209) 239-7979
Carol@PerdewHomes.com
http://www.CentralValleyHomes.com
DRE 985176
0 votes
Eric & Kryst…, Agent, Westchase, FL
Sun Feb 5, 2012
Foreclosures are a great buy as long as you have a really good home inspector check it out for you and you are ok with the necessary repairs. Foreclosures are sold as is, so no repairs will be made. Also you have to make sure that you have an experienced agent to guide you through the process to make sure you dont make a costly mistake. I recently bought a foreclosure myself and I have had a lot of work to do to the house but it was worth it as it was 40k cheaper than any other house in the neighborhood. I have plenty of experience selling foreclosures on both sides helping buyers and also as the listing agent as I sell them directly for Chase Bank. I also took additional training a while back and earned a SFR (short sale and foreclosure resource designation) from the National Association or Realtors so feel free to contact me direclty if you need any help in the Pinellas County area or visit my web site below.
Eric Chavarria P.A.
http://www.PrestigeFloridaHomes.Com
0 votes
Gary Geer, Agent, Antioch, IL
Sun Feb 5, 2012
Ambrose,
Yes they can be. The reason is the lenders don't want to keep these properties on their books so they are more prone to negotiation or doing price reductions if their homes are not selling. Some even make repairs to the properties and offer special financing. Just like all other properties you will see good foreclosures and bad ones. Be sure to do a professional home inspection of any home you intend on buying. Find an agent in your area and look at a few to determine if they are right for you.

All the best,
Gary Geer

http://www.GaryGeer.com
0 votes
Michael Cheng, Agent, San Jose, CA
Sun Feb 5, 2012
They are if you get them at a discount to the market price after getting them fixed up. There are plenty of opportunities in the foreclosure process.
Web Reference:  http://www.archershomes.com
0 votes
Keith & Kins…, Agent, Verona, WI
Sun Feb 5, 2012
Yes and No. It completely depends on the house, how much work it needs, and the comps. I've seen foreclosures get multiple offers, and sell for way more than I think they are worth (because people got excited). I've also seen some amazing deals with minimal work required. To make a long story short, you can't really make a general statement saying they are good or bad, each house needs to be analyzed individually.
0 votes
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