“Foreclosure Listings: What You Should Know”

By
Real Estate Agent with The Maine Real Estate Network

Foreclosure Listings in Maine, Foreclosure Documents, Foreclosures in Maine

The bedrock of the residential real estate industry is the American Dream of owning your own home. Current market conditions have amplified another motivator: those looking for great investment opportunities. There have always been professional “Flippers” in the market but today shrewd buyers recognize that the current market conditions offer some outstanding investment opportunities in Lewiston-Auburn and Kennebec County. It’s not just professional investors considering foreclosures; many first time buyers and existing homeowners are looking for unusual bargains.

The appeal is understandable due to some commonsense consequences caused by the mortgage meltdown (and the headlines that followed).  When banks come into possession of foreclosed properties they find themselves in an unenviable position. Incented to sell them as soon as they can, they aren’t free to wait until the market rises to meet historic price levels. As a result, mounting numbers of those foreclosure listings are carrying price tags that are a fraction of their original market price. 

Some current homeowners see a second home as a path to create a passive rental income stream. Foreclosure listings comprise tempting investment vehicles. And for first time homebuyers, the information in the same foreclosure listings can mean nothing less than a foot in the door of homeownership. In both cases, the first step to buying a bank-owned property comes with finding reliable Lewiston-Auburn and Kennebec County foreclosure listings.  Looking for a trustworthy source means finding one that features up-to-date and accurate information.  Too many dedicated “foreclosure” websites offer endlessly duplicated, incorrect, or woefully outdated information. Relying on them can send would-be buyers on a frustrating series of time-eating wild goose chases that end up locating houses that have already been sold. 

One way to test a source of foreclosure listings is to take advantage of free trial subscriptions where they are offered. It’s a money-saving way to determine whether a foreclosure source can be trusted to include attractive properties listed soon after they come on the market. FIn any case, the opportunities that foreclosure listings represent also carry special characteristics that savvy buyers need to take into account. Home inspection rules are one example. Banks are under no obligation to disclose information about a property’s flaws in the same way that regular homeowners must, so it’s imperative to make a physical investigation of a foreclosure listing before proceeding further.

Foreclosure Listings in Maine, Foreclosure Documents, Foreclosures in Maine

If you are curious about your chances of finding a great deal in today’s foreclosure market, I will be happy to send you the Lewiston-Auburn and Kennebec County foreclosure listings as well as other areas of the State. We can also help you identify other non-foreclosure “bargains” that may fit your criteria. While there are some great buys out there, there area many risk involved with foreclosure purchases and one should be fully aware of all the risks. Frequently there are also financing obstacles involved with the purchase of foreclosed property unless you are doing a conventional mortgage or you are a cash buyer.

Feel free to give us a call if you would like to know what you should be aware of upfront! You can reach The Tanya Busch Team at (207) 689-9880 or www.TanyaB.com.

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