Within the last week, we are beginning to hear a lot of reports about foreclosures. While foreclosures can be a great way to purchase a home at below market value, they are not without their pitfalls.



Some things to consider go back to before the owner's weren't able to stay current with the mortgage. Long before the payments began to get behind, other things typically slip first. These generally focus around care and maintenance. When money is tight, upkeep is the first thing to fall by the wayside.

Ultimately, lack of repairs lead to bigger problems and more damage. Ex. when you don't keep the home under a bond with a pest control company, you shouldn't be surprised to find that you have an infestation issue. These aren't easily seen but always prove costly.

Another point to consider is that people don't want to forcibly leave their residences. When you force someone out, there will always be some hard feelings with the owners and conditions within the home have been known to get worse on exit.

In the end, foreclosures can be a way to purchase a home for a good value. Just don't be surprised by the investment that is yet to come.

For more information, feel free to contact me by phone at 910.620.8838. Thanks!

 
Posted by Gary Traflet on 04/04/2007 08:28 PM   Comments (2)   general real estate  
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2 Comments on Foreclosures

APR
06
2007
Thank you for this information...  Why is Brunswick so much higher than other counties?
Betty
9:14pm • #1
APR
09
2007

Betty,

Feel free to give me a call and we can discuss further.

Thanks,

Gary
8:41pm • #2


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Gary Traflet

Wilmington, NC

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Address: 1131 B Military Cutoff Rd, Wilmington, NC, 28403

Office Phone: (910) 256-0032

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Find Wilmington NC real estate information. Gary Traflet is native to North Carolina and understands the NC real estate market.


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