April 8, 2009
HLN money expert Clark Howard says, "The key to saving money is you don't look for a house that looks perfect, you look for a house that's a perfect deal that you can fix up for not too much money. You do that and you are going to save yourself a ton."
Foreclosures in the U.S. are up- nearly 30% from this time a year ago! The great loss to the folks being foreclosed on brings enormous opportunity to those looking for a good deal. But---it's not for the weak of heart of the weak of mind....why?
You have to be willing to look past some stuff. Here are some of those things:
Bank owned properties are not usually in tip top shape: Many times, they have not been cleaned; the yard might be quickly going wild or have already become wild. Banks aren't property managers and they just don't have the time to go around and "tidy" up all of their properties in foreclosure.
You manytimes will be competing with other offers: There are many other people out there that are looking for a good deal. They may be investors, maybe just people looking for the next good deal or folks that never thought they could afford a house until now. So, the key here is to act fast! If you like a house that is in foreclosure try to see it ASAP! Then, if you are serious about making an offer don't waste anytime. Another tip I share with my buyers that are going against other buyers is to make sure to make your first offer an offer that would be the most you are comfortably willing to pay. It would be sad to put in a low ball offer just to find out that someone who put in an offer that was lower than the most you were willing to pay got the house from underneath you.
Check back tomorrow for some more things you will have to be willing to deal with if you decide to buy a foreclosure.
Take a look at my market report for today!
Currently Ryan has about 30+ listings in inventory, and has already sold 14 homes in 2009. Please don't hesitate to contact me with any questions about Chico area real estate.
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