FORECLOSURES

Foreclosures

Where Do I Start?

Homeowners who gorged on debt during the real estate boom a few years ago are now starting to feel the squeeze. They're in trouble, struggling to keep up with their payments or worse, losing their homes.

As the number of foreclosed properties continue to rise, new opportunities awaits for investors, first-time buyers or any others wanting a "Deal".  These are fast becoming ideal market conditions for a niche group of real estate buyers.  They can take advantage of the prices and acquire a property at a significant discount.  

Foreclosed homes are making purchasing a home a dream come true for those that could not previously afford the inflated prices.

Here are some beginner tips for those of you wondering where to start in the foreclosure market:

  Check out a couple of the new online website services.  These sites provide the latest foreclosures in your area  and often include the amount owed and the estimated value. The amount of time you save by using these sites versus having to find foreclosures the old-fashioned way is well worth it if you're serious. These websites provide a lot of information and is the first step before you commit to an agent.  

Don't even bother attending public foreclosure auctions unless you're a pro. Despite what you may read in foreclosure books, typically these auctions are controlled by banks and other big lenders so the chances of you actually nabbing a foreclosed property are pretty slim. Instead, do your homework and when you are ready, then contact a professional that knows the foreclosure market and knows how to play the game. 

These are just a few techniques to get you started in the foreclosure market. Being a newbie and dealing with a risky yet high reward investment you'll want to be careful especially the first time. Don't feel like you need to rush into things as the good news is foreclosures are continuing to rise so there's going to be a lot of inventory in the coming months. There will be plenty of opportunity for you to find foreclosures so don't get frustrated if the first 5-10 properties you inquire about don't end up the way you want it to. Check with me, call me anytime for the latest updates.  Educate yourself so you're comfortable before you make a move.

This is the best time to buy!