The housing market over the past several years has undergone a drastic change. The booming real estate market that once was seen throughout the area has now been replaced by bank seizures and record high foreclosure rates.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. Important factors such as the job market, coupled with a struggling economy have left many people unable to pay their home payments. Distressed sales in the form of short sales, government seizures and bank repos have made it possible for many people to purchase properties at 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.
You cannot deny that there are some great bargains available on the market. You can find properties on the market that are below market value. Some people catch properties that are priced 20%, 30% or even more below the actual retail value. The lender simply wants to recover any additional money that the property owner stills owes. In many cases they are overly concerned with making a profit. You finally have the opportunity to invest in the home of your dreams.
For those who like to dabble in the real estate market you can find beautiful properties and sell them for more than what you paid. Anytime you find a foreclosure listing you want to make sure it is actually a good deal. Some of the foreclosures that are popping up on the market are relatively new homes. Many of the properties are one year old or less. The lender asking price may not be a bargain in situations where the original property owner still owes a substantial amount of the mortgage. In many cases the price offered is actually closer 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 think about whether the property is worth the additional money needed to fix it up.
You can find a great foreclosure deal. You should always strive to find a current list of foreclosed properties. A licensed real estate agent can provide you with the help you need to find legitimate foreclosed properties. There are some agents that focus primarily on foreclosed properties and they can help you make a sound real estate investment. Occasionally banks and government agencies that have foreclosed properties available have them listed on their website.
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 http://baldwincountydeals.com/
