Foreclosure Truths and Misconceptions
With all the buzz and interest, misconceptions about foreclosure properties abound. Many buyers believe all foreclosure properties need major gutting and repairs, which is not the case. “Foreclosure” is now the top keyword word search on most real estate websites and search engines, which reflects the foreclosures’ popularity in the marketplace.
Because many builders got caught by the real estate downturn and were unable to sell, new homes are now available from the foreclosing lenders at low prices. When the market plummeted, lots of real estate developers where left with they could not lease. Some beautiful homes and condo’s that cost in the seven figures before the downturn are now being sold for 40 to 75% less by foreclosing lenders.
When the housing bubble burst, it forced many lovely properties into foreclosure. Many of these properties need little more than some yard work and a fresh coat of paint. Contrary to popular opinion, not all foreclosed homes for sale require extensive repairs.