I just thought I would blog a little about the benefits of buying a foreclosure...
Reason #1:
Bargin buys... This is obvious.. Everyone knows you can get a home way under market value. From my expierence when buying foreclosures in Portland, the buyer usually attains the property for 20%-30%under value. Even so it's possible to find one at about %50 under value, it's much harder to find. %10-20% under value is still worth buying and much easier to find (in my opinion).
Reason #2:
A home upgrade... Whether your renting or owning your home. Chances are you can find a forclosure that will be an improvement to where you live now. I had a client sell thier home 20k under value and they were a little sad until they found a foreclosure in Portland for almost 40k under value... It's like they came out 20k ahead (even with the loss on the home the sold). It's like my Mama said.. "if it doesn't come out in the wash... then it comes out in the rinse."
Reason #3:
Equity... Foreclosures usually are the best Real Estate investments... Instant equity is very common... Forget sweat equity... Think smarter not harder. Not saying there is anything wrong w/ sweat equity... but... how many people have you seen have the "intention" of doing something and never followed through and the project never got finished for weeks, months, or years?
So let's re-cap:
Benifits for buying a foreclosure
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Buy a house for way cheaper.
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Lower sales price = lower down payment.
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Seller's are more motivated than normal.
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Everyone wins... You get a deal.. The seller prevents a foreclosure.
As always I wish all the very best. Thanks for taking the time to read my blog. Feel free to email and comment.
Aaron Majors
Principle Broker
MREALTY
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