There is a common assumption that there are many foreclosed properties for sale and not enough buyers. Numerically, that is absolutely true. There is still a lot of standing inventory, and more foreclosed homes come on the market every month.
What a bargain hunter needs to realize is that there may not be many houses available that are "perfect" for them.
All buyers want a good deal. They want the best schools, a nice yard, a house that is in good shape and move-in ready, modern appliances and a great neighborhood. What they fail to understand is that in most cases, a very basic rule of real estate applies:
An extremely desirable house will probably not suffer foreclosure!
A house that has great features and great amenities will sell via a conventional sale, and will usually not make it to the REO market. There is always a demand for good properties.
When purchasing an REO property, buyers need to understand that a lot of these properties are far from perfect and that they should expect to make some compromises. The quality of the inventory is obviously not going to be the same as the general market. It's just common sense.
In addition, foreclosures are actually a small subset of the overall market. In Coweta County, roughly 10% of the total listings are foreclosures, with over half of those being low-end investor properties that need significant rehabilitation.
And the best REO properties are selling for significantly higher than list price. Remember, even in the world of foreclosures the laws of supply and demand prevail, and the demand for quality REO properties is extremely high!
Finally, to get the best deal, buyers should be prepared to broaden their specifications and be prepared to move quickly when an adequate property becomes available.
After all, these deals won't last forever!
All content, including text, original art, photographs and images, is the exclusive property of Coweta Fayette Real Estate, Inc., and may not be used without the expressed written permission of ERA United Realty and Coweta Fayette Real Estate of ERA United Realty Newnan Georgia. All information is believed to be accurate but is not warranted, Copyright 2003-2009. Richard Weisser 770-827-6225.
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