The contact person listed on the foreclosure for sale usually represents the Seller. I recommend that you obtain buyers representation with a RealtorÂ® that has the expertise required in assisting buyers in locating foreclosures and/or short sale opportunities. Buyerâ€™s representation is at no cost to the buyer, in that; this fee is normally incurred by the Seller as part of their listing fee.
Property foreclosures are on the rise across the nation, presenting significant financial opportunities for real estate investors, first time home buyers, and those looking to move up within the real estate market.
A foreclosed property refers to a piece of land or real estate that has been repossessed by the Mortgage Company or financial lender. During the foreclosure process, the financial institution searches for interested buyers. In the event that an interested buyer does not wish to invest in the property during the initial stages of property foreclosure, the property will go to auction where it will be sold to the highest bidder.
So, how can you benefit from the current foreclosure market?
Foreclosed properties are often offered at prices significantly lower than fair market value, offering strong financial opportunities to individuals and investors.
Investors can purchase foreclosed properties to resell or rent for an immediate income. First time home buyers can often purchase a larger or nicer property. And individuals who are looking to move up within the real estate market can often find a larger property at competitive prices, allowing them to purchase a larger property than they originally anticipated or to buy their dream property at a reduced price.
Alternatively, to avoid foreclosure many homeowner will attempt to sell their property via a Short Sale. A short sale occurs when a property is sold at a value below what is currently owed on the piece of real estate. When a property is offered for sale below the current fair market value, it is considered to be a solid investment opportunity as well.
Individuals are often attracted to short sales as they can purchase their dream property at a substantially reduced price, or they can buy more homes for their money. In either instance, short sales present strong financial opportunities worth consideration.
I hope this help!
Dixie Fedler, RealtorÂ®
Prudential Texas Realty