The first thing you should look for or look forward to – is weeks and even months of diligent research. The opportunities in foreclosed homes often fall into the old adage, If something sounds too good to be true, it usually is. What is true is that some foreclosed homes will sell at 30% to 40% below market. But according to the editor of one real estate investors publication, Most foreclosed homes sell at 5% below market.
Location
If the foreclosure opportunity youre looking for is an investment opportunity, then you would be wise to review five years or more of real estate sales history in the area. Have the homes appreciated sufficiently to make your investment risk worthwhile? The property doesnt have to be in an exclusive neighborhood, but it should be in an economically stable area. This is not an issue of who is moving in and who is moving out, but rather how much is being paid for the homes changing hands.
One recently introduced factor to consider if youre looking in the Southeast is the cost of homeowners insurance and coverage for windstorms. You might find some real bargains in Hurricane Lane there, but also find yourself buying a...
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