Foreclosures are not always a good deal

By
Real Estate Agent with Citiwide Real Estate Services

Foreclosures are not always a good deal

While foreclosures and REOs have typically been the best deals when looking at price only, some buyers are just not ready to take on the work required to fix up a REO or foreclosure.    

If you are looking for a new home REOs and Foreclosures  still offer some of the best deals on the market but when you consider the work and cost of turning your good deal into your dream home you  have to keep the dollars and sense in perspective.  

A few things to consider...

•1.       How much will it cost to paint the house.

•2.       How much will it cost to repair/replace:

A.   Carpet/flooring

B.   Hot water heater

C.   A/C and heating unit

D.   Pool

E.   Light fixtures

F.   Leaky bathtub

G.  And the list goes on...

S

Spend time with your REALTOR putting together a plan that considers different properties on the market.   The best deal for you will factor in all cost of getting into your new home from purchase to move in.   Call me Today 

 

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Rainmaker
190,397
Robert McArtor
RE/MAX Components - Fallston Maryland - Bel Air, MD
Top Listing Agent for Baltimore and Harford County

Good post but only assuming that ALL foreclosures are "fixxer uppers"...have a great day!

Feb 11, 2011 09:26 AM #1
Ambassador
951,585
Mike Frazier
Carousel Realty of Dyer County - Dyersburg, TN
Northwest Tennessee Realtor

Greg, there are so many potholes associated with buying a foreclosure.

Feb 11, 2011 06:31 PM #2
Rainer
216,275
Bob Publicover
Publicover Realty Group, inc - Stuart, FL
Thinking outside the box

Greg:

This is ecellent advice. Short sales and Foreclosure purchases are not always a great buy. As you pointed out, "A plan" is what one needs before moving forward on these purchases.

I recently picked up a foreclosed property in pristine condition. All I had to do was place a "For Rent" sign in the front lawn. As you all know, that;s not the way it usually works.

Feb 12, 2011 12:42 AM #3
Rainer
32,640
Patrick Henry
PMZ - Stockton, CA
PMZ

Simple and to the point. I think many people feel that in order for it to be a good deal it has to be a foreclosure. This is not always true, but it seems to be what people think most of the time. The key is to look at the numbers and see for yourself.

Feb 12, 2011 02:46 AM #4
Rainmaker
19,598
Brian Habel
HomeSmart Advantage - Saint George, UT

Amen brother.  Check out my recent post on Technology, today, about St George real estate 'A Website for Videos', give me comments please.

I had a foreclosure once and the dogs had pawed away the carpet to the concrete floor, dog doo doo and reeking smell everywhere.  The restoration company told me to trust them and just see if it doesn't get rid of the smell.  I had geared up for finding a high temperature steam pressure washer guy, but this one said trust me.  So, I went for it.  He tore out all carpet and padding.  Don't know if he washed the concrete, but he used the nuetralizer spray ezymes and I was astounded, I could not smell the old smell.  I was impressed.  However, it makes me wonder, new move ins, if something can't just be masked and it came back on somebody later.  Guess we'll never know!  :-)

Feb 16, 2011 04:23 AM #5
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Rainer
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Greg Freeman

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