It is hard to deny that the housing market over the past several years has under gone a drastic change. Bank seizures and record foreclosures rates have now replaced the one booming real estate market. You can see evidence of the record numbers throughout the nation and while some struggle to survive in this hard hit economy others take the opportunity to take advantage of hard to resist property deals.
Owning a home has always been known as the American Dream but sadly for many people it has turned into a financial nightmare. Many people are unable to keep up with their home payments due to the unstable job market and a struggling economy. 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. If you take at look at the statistics released by the National Association of Realtors about 55 percent of the homes sold throughout the nation in the first quarter of 2010 were distressed sales.
It is hard to deny that you can find some great bargains on the market. You can find properties on the market that are below market value. You have the opportunity to catch great property deals at 20%, 30% or more off the retail value. It is important to keep in mind that the lender wants to get the rest of the money that is owed on the property. In many cases making a profit is the least of their concern. This is the perfect time to invest in a beautiful new home.
This is also a great chance for individuals to buy property and sell it back to the public for more than what they paid. It is important to make sure that you are actually getting a good deal. Some of the foreclosure listings are brand new homes. Many of the properties are one year old or less. The property owner may still owe a large amount on their mortgage so the lender price may not be a discount. In many cases the price offered is actually closer to the full market value of the property. Foreclosure properties are generally sold regardless of their condition and you may not get a chance to have the home inspected. You may find a property that only requires minor repairs but many of them have extensive damage. You must decide if the low purchase price is worth the additional money needed to fix up the property.
Finding a great foreclosure deal is not impossible. You should always strive to find a current list of foreclosed properties. A licensed real estate agent can help you with your search by beginning you a list of available properties in your area. There are agents available that can help you with foreclosed properties in order to ensure that you make a smart investment and purchase a great property. 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/
