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Foreclosures, Buy or Don’t Buy?
December 26th, 2006 categories: Foreclosure, Home Buyer, Real Estate, Real Estate Tips, Sacramento
Although Foreclosures are up in number, as expected there are some key reasons why this has occurred.
Some of the reasons Foreclosures are up have to do with the fact that many investors thought they could flip a house and make a killing, some Home Buyers made poor loan choices when they purchased their house, and many homeowners pulled equity out of their homes leaving several large mortgage payments due.
Its no wonder when you consider how the homeowner is bombarded by Lenders on a daily basis with phone solicitations and mailings offering the keys to the Golden Gate! If you as a home buyer think that you will get a better deal purchasing a Foreclosure, think again. It is not always the case.
You ask, why Gena isnt it a better buy? Very simply, many times houses that are going through the process of Foreclosure have not been well taken care of, may have homeowners that are in retaliation and thereby leaving nothing but the shell of a home that has been abused.
And at the same time, are asking the same or very close to the same price as the home for sale that is in much better condition. Not always true but many times unfortunately, this is the case.
Remember, that quite of few of these Foreclosures paid too much or owe too much and the Lenders would like to get at least what is owed or close to the mortgage balance. They typically list the Foreclosure at the same value as any other home in the same area wheres the deal in that?
I have blogged, about Foreclosures, Short Sales , the process and the dangers as well as the Fraud, where you can read the ins and outs of Foreclosure.
Recently, I found a blog that posts several Foreclosures in Sacramento and thought I would share this information with you. Unfortunately, the individual that posts these Foreclosures does not indicate their name nor the agency that they represent.
That is a bit of a concern to me but if you use the site wisely, have an experienced Realtor represent you, then using the blog site should be fine.
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[…] This past weekend I showed a short sale to a prospective Home Buyer in Granite Bay, CA. First, if you don’t know what a Short Sale or Foreclosure is…now is the time to become acquainted with the terms by clicking on the highlighted and underlined links. […]
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[…] Foreclosures, Buy or Don’t Buy? […]