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Foreclosures & Short Sales

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Why So Many?

Investors thought they could flip houses and make a killing, home buyers made poor loan choices, homeowners pulled equity out of their homes leaving several large mortgage payments due and the list goes on.

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, that quite of few of the foreclosures paid too much or owe too much and the Lenders would like to get at least what is owed or close to the 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'.