It is no surprise that Foreclosures made up a huge portion of the inventory of homes for sale in Wake Forest NC last year. They also accounted for quite of few of the resales in 2011. The other evening when I was walking my dogs through one of the most popular neighborhoods in Wake Forest, Heritage, and I passed a few homes that I knew were Foreclosures. It got me to thinking.......while I may know that the homes are foreclosures since I stay on top of the real estate market in Wake Forest NC that others may not.
On the exterior the homes look like any other home on the street. They have a manicured lawn, a beautiful front porch, maybe a fenced back yard and all the characteristics that you would expect from a home. Many buyers that I work with started their search by EXCLUDING foreclosures. Why? (not to mention cutting out a HUGE portion of choices) They were under the impression that they were "bad" homes. They had heard from various misinformed outlets that Foreclosed homes were "beat up". I have heard everything from they thought there was missing plumbing, broken windows, ratty carpet, holes in the walls and the list goes on. In the majority of cases that is far from the truth! In many situations the banks will repair damage to the home (mostly mechanical/structural), give it a fresh coat of paint and even new carpet before it ever goes on the market. I have seen MANY a foreclosed home in better condition than a Fair Market sale. (A Fair Market sale is when a private seller is selling their home and the are not in a distressed situation such as a short sale) Please note that I do say in many cases, not all. But, that's where I can help! I can help you to weed out those that may not quite be up to your standards.
Most foreclosed homes are sold "as-is" and that can be a scary term. I understand that! However, all you need is a top notch Home Inspector to inspect the property and in many instances you can inspect the home prior to writing an offer. Keep in mind, the home buyer is responsible for paying the home inspector as well as paying for any costs associated with turning on utilities for the inspection. Once inspected a home buyer can then make a well educated offer basing their offer price on the condition of the home.
Don't limit your choices when it comes to purchasing a home. Explore the opportunities that are available by way of a foreclosed home - you'll be surprised at what you find!
Each week I upload a FREE foreclosure report for Wake Forest NC and the surrounding area. Take advantage of my report to see what is available - give me a call with any questions you might have. You can also find some great definitions and FAQS on my website to help you understand some of the terminology surrounding foreclosed homes and short sales.
This weeks report was just updated yesterday so go ahead and jump over to my website and download it!