We are getting calls from Buyers who are asking for foreclosure properties here at the NC Coast. (We have a few foreclosures here but not a large number.) But do they really know the condition and the amount of money that will have to be spent to recondition the property? In most cases here the owner going into foreclosure has taken all the appliances, the light fixtures, the bathroom fixtures, the kitchen cabinets, the carpet and anything else they can take before they vacate the property. We have seen some really damaged properties. It would be better to simply view the inventory here and make offers on properties which are plentiful. We have a great selection of waterfront & interior homes, lots & condos and a few motivated sellers are accepting offers below their original cost.
Good educational post. Many do not understand what can happen to a property when it is/going to be foreclosed on.
In California, we have been battered b the foreclosures. It is difficult to compete with the pricing, even if there is damage, etc. Our best success has been to battle the foreclosure prices head-on and to market the amenities as added value where appropriate. Though many sellers cannot sell for those prices, it is the only way they will sell at all in this market. I do believe though, that this too shall pass.
Pricing doesn't always mean much, it depends on what the Seller will take & what the buyer will pay. There is still plenty of inventory in our area and we really have some motivated sellers. For example, we just closed on a property Way "below" list price. It was listed for a little less than $600,000 and closed well below what we thought the seller would even consider. So why not take a look at the currrent active inventory & make offers? It's a buyers market & you can avoid the foreclosure paperwork.
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