Many real estate buyers today are seeking hidden treasure. Motivated by the media and loaded with enthusiasm, they begin their quests to discover untold riches in the sea of foreclosures and short sales that flood the market.
But in reality, the jewels are few and far between. Most houses are priced based on both the local market and the current condition of the property.
Some apparent bargains need a lot of work. Many have not been properly maintained for years. Always keep in mind that serious financial issues predicate most foreclosures so exercising proper due diligence is essential.
Many of my buyers have opted to forgo distressed sales and have purchased a conventional house.
It takes a lot of the mystery out of the process, and very often they discover that there are many different ways to discover true “treasure.”
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