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Foreclosures: The Good Part

Is there one? Over 85,000 people lost their homes in October within the United States, but does that mean the foreclosure situation is all gloom and doom?

For anyone currently in the market to pick-up a piece of investment real estate or purchase a primary residence, the time is ripe for the picking. Foreclosures offer the opportunity to purchase properties that banks are anxious to get off their hands by the end of 2008, so here are some of the “good parts” to consider about the foreclosure market:

 

  • It signals market correction. After prices became so overinflated in many markets across the U.S., prices are resetting back to “normal” levels.
  • In many instances, real estate prices are over-correcting themselves, offering the opportunity to purchase properties at below-market values.
  • People purchasing foreclosure properties must generally show mortgage pre-qualification to the bank holding the home. This means the potential for a pool of better-qualified buyers becoming homeowners moving forward.
  • Inventory in abundant and it’s definitely a buyer’s market. Real estate professionals are more important than ever to help buyers identify the “good deals” and those that are less-than-optimal.
  • Just because a property is a foreclosure, it doesn’t mean it’s a “good deal.” Make sure that during your due diligence process you clear the title, make sure there are no tax liens on the property and have a thorough home inspection performed by a licensed inspector.
It’s a tough situation to be faced with losing you home or surrending what you’ve worked for back to the bank. Our staff at San Juan Realty works with buyers from every walk of life on a daily basis and we’ll help you down the right path. From real estate investment properties to the home of your dream for your growing family, we’re happy to say that each of our clients gets our undivided attention, expertise and most importantly – our hearts.

 

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One Response to “Foreclosures: The Good Part”

  1. Tony Orlando Says:

    Hi,

    I’m just getting started with my new blog. Would you want to exchange links on our blog-rolls?

    BTW – I’m up to about 100 visitors per day.

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