House hunters are going to be missing out on great savings this year if they don’t get rid of some pre conceived ideas about foreclosure homes. There are a few myths, and a little stigma attached to this small segment of the real estate market. There’s a lot written highlighting the risks and challenges of buying into foreclosures. Why should you overlook or ignore this opportunity to get great value for (probably) your greatest investment in life? Time to reconsider your beliefs, get a little more informed, and take a more balanced view of buying a property which is for sale for one main reason -- the owner is in financial distress.
Those foreclosure homes will only be in unchic localities, right?
Not this year. Probably has never been 100% that way. In the big manufacturing regions where job losses have been dramatic, including the auto manufacturing losses of Michigan and Illinois, do you think it was only the blue collar workers who lost their jobs? Do you think the company executives who lost their jobs lived in the poorest suburbs of Detroit or Chicago?
They are all low priced stuff among batches of other low priced stuff aren’t they?
Golly no. Sure there’s an overall state wide average that suggests the bulk of foreclosure property is sold for below $150,000. Houses that sell in the range $100,000 to $150,000 certainly aren’t “low cost” to some; this depends on State and City demographics. More and more, states with higher foreclosure filings rates per household have homes of higher value amid middle class and luxury residential enclaves, gated communities and expensive downtown districts.
Have you seen the mansions in the listings priced at $3 to $8 million dollars in Tampa and Southfield, Fl, or on the West Coast in Orange County, California, and do you think they are in the lowest cost zip codes?
No, it’s an unhappy fact that a collapsing home real estate market can bring out the financial difficulties in households in any location, and current foreclosure trends are for a myriad of styles, sizes, and pockets.
That’s just a glimpse of the barriers to success that mean new and not so new home buyers don’t make the most of an infrequent opportunity to build wealth. Check your hesitancy out; make sure it’s not based on myth.
Philip Smith is the writer of http://www.foreclosureconnections.com. Your Source of
Foreclosure homes online.
