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'Not Every Distressed Property Is a Bargain'
Daily Real Estate News | Tuesday, August 07, 2012   --> Foreclosures can offer some home buyers big bargains, with the typical discount on a foreclosure about 19 percent, according to National Association of REALTORS® data from May. But buyers should be careful not to be guided by price alone, housing experts warn.
“Distressed properties can have great appeal,” says Wendy Forsythe, executive vice president at Atlantic Pacific Real Estate. “Discounted prices and historically low interest rates make these homes affordable to many families who might otherwise not be able to buy a property. But buyers also need to be selective because not every distressed property is a bargain.”
Home buyers need to be aware of some of the following issues with foreclosures before they buy, according to Atlantic Pacific Real Estate, a real estate brokerage with offices in 22 states:
1. Know the claims on the property. How many lenders have claims against the property? “If a distressed home has been financed with two or more loans then the sales process can be far more complex,” according to an article for RISMedia written by Atlantic Pacific Real Estate.
2. Get financing in order. How does the buyer plan to finance ... more

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