Why So Many?
Greedy lenders and mortgage brokers, investors who thought they could flip houses and make a killing, home buyers who
made poor loan choices, homeowners that pulled too much equity out of their homes, all contributed to the current bleak financial and real estate markets. Pointing the finger at any one culprit would be inaccurate and unfair.
Should You Buy a Foreclosure?
You may think you'll get a better deal purchasing a foreclosure, think again. Many times houses going through foreclosure are not well taken care of, many have homeowners that are in retaliation and thereby leaving nothing but the shell of the home that has been abused. There's also the simple fact that a lot of sellers are asking the same or very close to the same price for a home as a new one or one in much better condition. Remember too, quite a few of those in foreclosure paid too much or owe too much and the Lenders would like to get at least what is owed or close to the remaing mortgage balance. They typically list the foreclosure at the same value as any other home in the same area, where’s the deal in that? Most short sales turn into foreclosures and the process and the dangers as well as the fraud should be obvious.
The Internet Bargains
There are several web sites indicating great deals on foreclosures, many good, some suspicous. Do these web sites mention who they are representing? The important thing to remember is make sure you are well represented by a Realtor who has the knowledge and experience. By being represented by a Realtor, you'll have your interests at heart not the sellers'.