Have heard that there are great deals in real estate right now?  There are, but we need to be careful about where we find them. 

Foreclosures can be priced somewhat below the market but they are often houses that have been abused by the former owners.  If you consider that many of these houses were occupied by people who were in a very depressed state for a long period of time, you can imagine that the house was not cared for well and may in fact have suffered deliberate abuses such as removing plumbing or rendering the drainage system inoperable.  Banks also want to get the maximum amount possible from the sale as they have many expenses in addition to the amount owed on the mortgage.  Another issue with foreclosures is that they can take a lot extra time to gain approval and this can be frustrating.

 You may be hearing a lot about short sales too.  These homes are not often a bargain either.  A short sale means that the homeowner owes more than the house can sell for in today’s market.  Not so long ago many buyer’s were borrowing 100% and adding on 6% for closing costs.  This means they were almost upside down from day one.  These sellers are now trying to get the lenders to accept less from them to avoid foreclosure.  It can be a long drawn out process and you may not ever get approval. 

The real way to get a deal in today’s market is working with a Buyer’s Broker who will find you the best fit for you and help you to buy it for the best price possible.  It may be a foreclosure, short sale, or a regular run of the mill listing but your Buyer's Broker will help you to navigate through the process and achieve your goal. 

There are options here in the Greater Hudson Valley of NY to meet everyone's needs.  Working with an experienced buyer's agent can help you to choose what is best for you.  If you are looking for a home in Orange, Ulster, or Sullivan County NY I would love to be your Buyer's Agent.  If you are looking elsewhere I would love to find someone in your chosen location to help you.  Give me a call or send an email today.
I'm Paddy Pizappi - Work the Me and You'll be Happy!
845-800-7086

I'm Paddy Pizappi - Work with Me and You'll be Happy!

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10 Comments on Looking For A Great Deal In Real Estate?

NOV
30
2008
869,386 Points 200 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Paddy,

SO TRUE. I just showed a foreclosure that had NO A/C, NO stove, microwave, oven or toilets! Even the a/c vents were taken out! sad, but true!
11:05am • #1
149,394 Points Localism Sponsor Outside Blog

it is amazing what some of these people do to the homes before they get turned over to the bank.  I saw one where the prev owners removed EVERY door knob, switchplate/outlet cover  - took the bathtub and even the garage doors!
12:03pm • #2
563,876 Points 17 Featured Posts Outside Blog Called Shot Master

Paddy - very clearly stated. Although we do have a few very good deals around here on foreclosures.
12:09pm • #3

Here In Paso Robles, California we have multiple offers come in on foreclosures and a lot of times the houses are not even that great. Like you were saying they have been abused. Its still a great time to buy. I enjoyed your post, thanks for sharing.
7:13pm • #4
193,796 Points 29 Featured Posts Outside Blog

There are a ton of great deals...but like you said...you have to know what you are getting into. Working with a professional is the only way to play! GBU~
9:42pm • #5
DEC
01
2008
324,296 Points 32 Featured Posts Outside Blog

Thanks Greg.  It is amazing to me how much damage people can do when they are overwhelmed by the reality of foreclosure.  People can get get deals but they need to be ready for the problems too.

Wow Gene the bathtub?  Unbelievable.

Like I said Mike there are some out there you just need to go into the deal knowing the issues you may face.

When you get into those multiple offer situations Lisa it can make people spend more than they want to in the first place just to win!

So right Elizabeth.  I hope you had luck with your clients this weekend.
6:53am • #6
286,214 Points 38 Featured Posts Localism Sponsor Attended Rain Camp

Paddy,

You have some really great points here. I am going to use this in my next real estate course for home buyers!

Thanks!

Cherimie
9:24am • #7
9 Featured Posts Outside Blog Attended Rain Camp

Paddy~You are so correct. There are good opportunities in all markets if you have a professional, experienced Buyer's Agent on your side. More than 60% of my business this year has been in advocating for Buyers...I just love helping my clients get the best house at the best price and terms!
7:05pm • #8
DEC
02
2008
1,154,702 Points 29 Featured Posts Localism Sponsor Outside Blog Attended Rain Camp Called Shot Master

Paddy the key is to work with any agent whose professional opinion is valued since there is so much to evaluate.
7:03am • #9
201,508 Points Outside Blog

Hello Paddy, you are right about some of the properties.  I have my clients inspect the house carefully before proceeding with an offer.
8:14am • #10

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Paddy Pizappi PineBush & Hudson Valley NY Real Estate

Pine Bush, NY

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RJ Smith Realty Real Estate Solutions

Address: 55 Main St, PO Box 668, Pine Bush, NY, 12566

Office Phone: (845) 744-2095 x 326

Cell Phone: (845) 800-7086

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My blog will deal with working with buyers, my life as a mother of 3 teenagers and how to fit real estate into the other aspects of my world. I will also speak on volunteer efforts to assist my community

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