Well we have seen some relief at the pumps but we sure have not seen much relief in the foreclosure homes coming to the market.
The issue with foreclosure homes is two major ones as I see it. They can be a great bargain if you go into the process knowing you are buying an "As Is" property. You are going to have things to fix. It is a rare find and it will not be on the market long if a HUD foreclosure home does not need repair.
So what are the two things?
- There is a huge supply of HUD homes and being a HUD authorized broker we have seen the good bad and the ugly. Many times because we have been in these homes before we can offer some first hand information. We can help find out in advance with a short personal meeting how much a buyer is willing to repair and narrow the seach based on our meeting.
- Just because a home is for sale does not mean it is going to be sold for the price of a depressed home in poor condition. We still have some very good homes on the market that are being maintained by the owner in tip top condition. You can buy these and move right in...they are not going to be fixer uppers....but in most cases they are priced below what you would normally have paid for the same home 3 years ago.
Sometimes buyers do not distinquish between the two type of homes....and then throw in the short sale and then you have real questions. Using a career professional will give you a leg up on the competition. You will find out great information and be able to make wise buying and selling decisions.
Hope this little update helps you in your buying and selling decisions.
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