Due to some economic crisis, there have been many home foreclosures in the Valley. And now that home prices are dropping, it is now more advisable to buy.
Stanley Fosha, a realtor of John Hall and Associates share some pieces of advice in finding the foreclosed home you always wanted. His top five tips are the following:
- Buying a home “as is”
- Considering the number of foreclosures within the same neighborhood
- Knowing about a “buy and hold” market
- Location matters
- Get an experienced real estate agent
Often, foreclosure homes are in not so good condition since the previous owner was not able to keep up with its maintenance. This is why it is important to get the home inspected first, more especially if it is bank owned. A week or two of inspection can help you decide if you are pushing through with the deal or not and if it is actually worth the risk.
It is good to know if there are only two or three houses which have been foreclosed in the neighborhood because ten or twenty of them means the values of properties are going to drop. Banks explore pricing strategies by June and they set prices lower than that of the latest foreclosed house in the market. So with ten foreclosed homes in the neighborhood, prices are expected to drop by ten more increments.
Adequate research is needed in finding the right foreclosure and making a good deal.
In buying a foreclosed property, location is very important. Some considerations may include nearby schools, having the home situated along a major street, or even which Valley city it is located.
Hire someone who has experience in the foreclosure market. They know a lot of things you do not know but you must know. To be successful in purchasing foreclosed properties in the Valley, you have to keep in mind the advices shred by the experts.
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