We used to see homes foreclosed in lower income brackets and in run down areas of town, but not any more. I have recently started to work with another agent listing foreclosed homes. Foreclosures can be in any price range and in any area of town. It saddens me to walk into these homes where families once lived to see what remains. Some have left personal belongings behind. I think to myself maybe some nice family or an investor will scoop this home up. The banks have no emotional attachment to these homes, so they set the price in accordance with the appraiser. Some really do not need much work. But days and weeks go by and we have no showings, or if we do, the comments are we do not want to do that much work. I have come to the conclusion that maybe we are becoming a society that does not want to put forth much effort. We want instant gratification. Yes, buying a foreclosed home can be a lot of work but some of these homes are a great buy. Don't forget you still have the right to have a home inspection even if the home is being sold "as is".
My son at the age of 27 bought a foreclosed home this summer and we worked on that home day and night for weeks on end before he could move in. I know first hand how much he appreciates being a home owner. He could have never afforded a home in the neighborhood he lives in now had it not been a foreclosed home. He will reap the rewards of sweat equity in a few years. This is the time to buy and there are mortgage programs out there that allow buyers to roll the cost of repairs into the mortgage. So if you ask me are foreclosures worth buying? I would have to say yes. If you have the time and the energy to put forth, then go for it!
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