Foreclosures Still Aren't Easy To Buy
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Part of the reality about the weird real estate market that we have on our hands is the number of foreclosures is currently on the rise. When I meet people looking for deals in the real estate market, the folks who want to buy a home in foreclosure or pre-foreclosure are some of the most amped-up kool aid drinkers you could ever meet.
Why? All of the hype surrounding foreclosures and what great deals they supposedly are. I have shown bank-owned homes, and they weren't pretty.
A better way to classify the condition of these properties is, well how can I put it? "Tore up". Let's say for the sake of argument that you're ok with doing a bunch of work on a place just as long as you can get a good deal. That still doesn't make buying a foreclosure any easier. Are you prepared to show up early on the steps of the courthouse to bid on these houses? More than that, do you have all the cash on hand to pay for the place all at once in the event that you do win?
The most common misconception about foreclosures is that they are such great deals because banks just want to get rid of them. Remember banks aren't in the business of losing money or giving things away. When you really start to dig into the concept of buying a foreclosure, and look at the price in comparison to the value of the other comps in the neighborhood, you can quickly see that they are lousy deals. If you're still not convinced, and you ready to take the next step, and you want to try to find a deal, check out the foreclosure search on RealtyTrac. Not only do they have the foreclosures in Orange County, but nationwide.
Why? All of the hype surrounding foreclosures and what great deals they supposedly are. I have shown bank-owned homes, and they weren't pretty.
A better way to classify the condition of these properties is, well how can I put it? "Tore up". Let's say for the sake of argument that you're ok with doing a bunch of work on a place just as long as you can get a good deal. That still doesn't make buying a foreclosure any easier. Are you prepared to show up early on the steps of the courthouse to bid on these houses? More than that, do you have all the cash on hand to pay for the place all at once in the event that you do win?
The most common misconception about foreclosures is that they are such great deals because banks just want to get rid of them. Remember banks aren't in the business of losing money or giving things away. When you really start to dig into the concept of buying a foreclosure, and look at the price in comparison to the value of the other comps in the neighborhood, you can quickly see that they are lousy deals. If you're still not convinced, and you ready to take the next step, and you want to try to find a deal, check out the foreclosure search on RealtyTrac. Not only do they have the foreclosures in Orange County, but nationwide.
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