It’s the holiday season. In our current market, foreclosures are down. They are still one of the market’s best values. When you are thinking of purchasing a foreclosure property there are some important factors to consider prior to engaging your search.
Focus on Location
There is only one thing about a home that you can’t readily change, its location. Location is even more key when you are dealing with a foreclosure. The location will usually drive the appreciation value in future markets. If your strategy is to gain rapid equity, then you want to ensure that along with your purchase price, you are in a location that will yield appreciation with growth trends.
Look for Potential
It is common for resale properties to need upgrades and or repairs. We often find that buyers become anxious about perceived repair cost. The idea of the future unknown costs can scare away the masses. This is why you should always have relationships with a contractor that you trust who can eye ball and potential hazards and ball park any cost to cure/repair the property to your standards. You must know the facts and not be sensationalized by the illusion of the cost of repairing. Once you have a concrete solution to the problem you are anticipating, it is easy to make an informed decision based on facts and feelings. It is imperative to be a visionary and keep an open mind when selected a foreclosure because you may miss a wonderful opportunity otherwise.
Specific and Experienced Realtors
You will want to make sure you are working with a real estate agent that has a reference base of clients who have purchased foreclosed properties and or have completed renovation transactions. These realtors can effectively advise you from their experiences. They will know if your vision can come to fruition with the property you may be desiring. These agents will have resources and a team of professionals readily available to consult with you so you can feel confident in your selection. Your real estate agent is your team leader in the transaction. Work with one that can lead you confidently.
If you are looking for a home to purchase, you may want to consider buying a foreclosure. You can get an affordable home that will create immediate equity. Prior to purchasing such a property remember to focus on location, look for potential, and have specifically experienced realtor. If you need help creating the gift of affordability with value, we are experts and would love to help you. You can reach us at 888-362-1706. Happy Holidays! We are wishing you all prosperity and success in the New Year to come!