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Foreclosures - Are You Really Getting a Great Deal?

Ranked #30,730 in Education, #545,252 overall

Market Flooded with Foreclosures

Whatever the reasons, there are a great deal of foreclosures on the market
these days. So, what does that mean for the average person looking to find a
good deal on a house or the person trying their hand at making a little
extra money on flipping houses? It means there are some great deals to
be found out there. 

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We sort of stumbled into the foreclosure market about 2 years ago. We decided to put our current home on the market and our realtor said he had just purchased a foreclosure at a great deal and we should consider it. So we set our sites on finding a great deal.

We started doing some research and started looking at some houses. Now, you can find some foreclosures in great shape, but your not always going to get the best deals on these homes. You have to start looking at the houses and seeing the potential they have to offer.

Some houses just need a little cleaning, mabey a little paint or new carpet. Other homes have just been destroyed beyond repair. One home we looked at
was in a nice new golf course community, great price, plenty of square footage, a swimming pool and only about 5 years old. It was priced way below market value. But at closer inspection, we realized the foundation was bad, very bad!!!

We finally did find a home perfect for us and in the exact area we had been wanting. However, perfect for us, did not mean move-in ready. But we did see
the potential in it. You really have to take alot in to consideration. Our house had been stripped of almost every light fixture, dishwasher, above the stove, microwave, bathroom mirrors and oh yes, even the kitchen sink. But it had a great foundation, and no major damage. So we just had to replace some fixtures and few other things, re-carpet the downstairs and put some paint on the walls and we were back in business.

But, we had done our homework. The area we were moving into is a new up and coming area, growing very fast, so we are speculating the prices will go up very shortly. We also priced out the house values for homes of simular square footage, built about the same time as ours and found that it was already
priced $20,000 below market value. We then took into consideration the money we would have to put into it and offered the bank, that now owned the house,
$20,000 less than thier asking price. That's $40,000 under market value. And they accepted.

You see, Banks aren't in the business of selling houses, they are in the business of making money. We quickly learned if your offer is more than what
is still owed on the house, they will more than likely bargain fairly with you. They just want to make thier money back. So, in the end we paid $40,000 under market value, invested 15,000 to get it back in good condition, and now have $25,000 in equity in our home.

Make Money Investing in Foreclosures

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House for Sale in Herson by paukrus
House for Sale in Herson by paukrus
House for Sale in Herson by paukrus
House for Sale in Herson by paukrus
House for Sale in Herson by paukrus
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Learn About Foreclosures

US foreclosures go sky high
by AlJazeeraEnglish | video info

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