First Time Home Buyers...Are You Sure a HUD or Foreclosed Home is What You Really Want??

I have many people coming up and asking me about how things are going for me in real estate these days.  Most of them are concerned, for they find it hard to believe anyone can survive in this volatile market.  Many of them are just interested in learning any information they can about real estate or how our market is doing, which of course I am always happy to talk about.

But most ask me the same question...so...”Are you selling a lot of HUD and Foreclosure homes to your Buyers??  ”My response to this question is surprising even to me, “No, I am not selling a lot of HUD or foreclosed homes. “  (And believe me it is not for lack of showing them!)   But how can this be??

Nearly every time I begin working with a new Buyer they request the same thing...”I am really looking for a HUD or Foreclosed home that I can get a good deal on and fix up.”  They all see the media where they hear of Buyers finding their dream home for cents on the dollar, which even appear to be in quite good condition.  What they don’t yet realize is that although this can and does happen it is most often the exception not the norm...until they begin looking that is.

Once we begin our viewing of these homes they start to see the sad and true reality of what the HUD and Foreclosure market really is.  The vast majority of these homes are in great distress that will require many $1000.00’s of dollars and hours of hard work to bring them back to a livable condition.  Once they take all this into consideration the bubble bursts!  Their home buyer vision seems to shift and the request comes...”Can we take a look at some homes that are not HUDS or Foreclosures?”

Just as an example:  I was recently showing a distressed home to a Buyer and when we began to walk into one of the kids bedrooms it smelled STRONGLY OF URINE!   My Buyer didn’t even make it into the room and walked immediately right out of the house.  He was done.  When I contacted the listing agent to let her know what had occurred her response was, “Oh, I know...one of the older kids is a bed wetter and it’s JUST the mattress!”  Now maybe I’m expecting a little too much, but personally, I would get that mattress OUT OF THERE.   Distressed homes are difficult enough to sell but this could have quite easily been taken care of.

It is now when the Buyers notice that even though our market is loaded with  HUD and Foreclosed homes there is also a good selection of homes available for sale that are not...and priced very well.  Often when comparing these ”normal sale” homes (if there is such a thing as a normal sale these days) to the HUDS and Foreclosures, then taking into consideration the money, time and resources they will require just getting into to the home, it becomes quite overwhelming , the HUD and Foreclosed homes seem to just fall by the wayside.

Now, I am not saying there are not good deals out there in the HUD and Foreclosure Market only that it takes someone with a strong motivation, the time, the talent and the financial resources to take on these homes and many of our First Time Home Buyers are finding they are either not willing or capable of doing this ....and their vision shifts.

If you are a First Time Home Buyer is a HUD or Foreclosed Home is What You Really Want?  You may just surprise yourself so be sure to keep your options open.

 

 

-Therese is Selling and Marketing Properties in the Greater Grand Rapids, MI Area while specializing in Jenison, Grandville and Hudsonville.  Please contact Therese directly at 616.780.0786 or by e-mail: tvmhomes@sbcglobal.net  In this Challenging Market Every Advantage is Important! COPY RIGHT 2009 Therese VanderMeer All Rights Reserved.