The information continues to mount showing that foreclosures are a staple in the current market. Last year, 1 in 4 home sales was a foreclosure, this information is important for both professionals and consumers! This break from Inman News that site statistics from Realty Trac show how big the foreclosure market is:
"Foreclosure sales accounted for 26 percent of U.S. home sales in 2010, with those properties selling for more than 28 percent less, on average, than homes not in the foreclosure process, data aggregator RealtyTrac said in its latest report. A total of 831,574 U.S. residential properties either owned by banks or in some stage of foreclosure sold to third parties in 2010, a decrease of 31 percent from 2009 and a decrease of nearly 14 percent from 2008, RealtyTrac said. Homes in foreclosure accounted for a larger percentage of sales in 2009 -- 29 percent -- but their share of total sales was up from 23 percent in 2008."
- Courtesy of Inman News
So there are probably two questions the consumer has about buying one of these diamonds in the rough: Is it safe to buy a foreclosure? & How do I buy a foreclosure?
The answer to the first question is a resounding, YES! In fact, most of the time you are going to get a lot more bang for your buck buying a foreclosure. Yeah, you might have to do a little work but in the end you will spend a lot less than you would on a traditional move-in-ready home. There are also special loans you can get to pay any repairs that might be need. For example, the 203K Loan that includes up to $35000 in repairs with 3.5% down is a great option. The nice thing about this loan is that all the work is bid on and accepted by the lender before you even close! For more information about the 203K Loan contact: Ann-Marie.Trickey@pncmortgage.com or visit www.pncmortgage.com.
Here are some wise words to those considering trying to buy a foreclosure: "Everybody and their grandmas are trying to buy foreclosures," said Glenn Kelman, CEO of Redfin, "don't get caught in the feeding frenzy." But here are few tips that might help those ready to take the plunge...
1. Don't get caught up in a feeding frenzy
2. Use a Real Estate Professional Experienced with Foreclosures
3. Get pre-approved from the lender you want to buy from
4. Consider fix-ups
5. Hire a real estate attorney
6. Wait to make an offer
7. Tour properties with contractors
If you're a Real Estate Professional and you want to know what you need to do to get involved in the world of Foreclosures and REO's here is a website you need to visit: www.foreclosurefridays.org and enter the code: NFI FREE for a free month long trial!
"Foreclosure sales accounted for 26 percent of U.S. home sales in 2010, with those properties selling for more than 28 percent less, on average, than homes not in the foreclosure process, data aggregator RealtyTrac said in its latest report. A total of 831,574 U.S. residential properties either owned by banks or in some stage of foreclosure sold to third parties in 2010, a decrease of 31 percent from 2009 and a decrease of nearly 14 percent from 2008, RealtyTrac said. Homes in foreclosure accounted for a larger percentage of sales in 2009 -- 29 percent -- but their share of total sales was up from 23 percent in 2008."
- Courtesy of Inman News
So there are probably two questions the consumer has about buying one of these diamonds in the rough: Is it safe to buy a foreclosure? & How do I buy a foreclosure?
The answer to the first question is a resounding, YES! In fact, most of the time you are going to get a lot more bang for your buck buying a foreclosure. Yeah, you might have to do a little work but in the end you will spend a lot less than you would on a traditional move-in-ready home. There are also special loans you can get to pay any repairs that might be need. For example, the 203K Loan that includes up to $35000 in repairs with 3.5% down is a great option. The nice thing about this loan is that all the work is bid on and accepted by the lender before you even close! For more information about the 203K Loan contact: Ann-Marie.Trickey@pncmortgage.com or visit www.pncmortgage.com.
Here are some wise words to those considering trying to buy a foreclosure: "Everybody and their grandmas are trying to buy foreclosures," said Glenn Kelman, CEO of Redfin, "don't get caught in the feeding frenzy." But here are few tips that might help those ready to take the plunge...
1. Don't get caught up in a feeding frenzy
2. Use a Real Estate Professional Experienced with Foreclosures
3. Get pre-approved from the lender you want to buy from
4. Consider fix-ups
5. Hire a real estate attorney
6. Wait to make an offer
7. Tour properties with contractors
If you're a Real Estate Professional and you want to know what you need to do to get involved in the world of Foreclosures and REO's here is a website you need to visit: www.foreclosurefridays.org and enter the code: NFI FREE for a free month long trial!
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