Often times I have clients stop in or call and say they want to buy foreclosures. Of course, the first things I ask are where? How much? Are you looking to flip? Are you looking to hold the property in the hopes it produces income? OR they will tell me the purchase would be not an investment but their primary palce of residemce.
At that point I say Whoa!! It is a myth but yet common belief that foreclosures, R.E.O. , bank owned, and shortsales are the best deals around. Now dont get me wrong, there are some great deals that come along on the MLS via short sales, R.E.O. bank owned properties but more often than not these properties have been neglected to such disrepair it negates the whole concept of “good deal”.
If you are in the market to purchase a home for your primary residence the best thing you can do is go to a Real Estate Professional discuss your needs, wants and price range and I guarantee you will find most listings that come up are NOT solely Bank owned or R.E.O. or even shortsales. It will be a mix and the bottom line is you should focus on the value and whether or not the property works for you and your family not who currently owns it!
Now if you ARE in the market for an investment property thats a whole different story! If you are serious about purchasing foreclosed properties you once again need to find a Real Estate Professional who will be able to focus on this for you. Buying Foreclosed properties is a FULL TIME JOB!! I suggest you hire an agent to work for you as a buyers agent. Yes you will be on the hook for commission however this truly is the only way to track down these foreclosed properties, contact the trustee and to be able to show up at the auctions at the right time is to have someone dedicated to the cause.
Once again I say that there are “good deals” out there on properties that have not been foreclosed on. Especially if your investing in Multi-family and commercial properties. You should be on the look for a well maintained, fully occupied building with positive cash flow. the good news??? This market actually renders that a possibility. Call me today for a personal “good deal” consultation. My Cell is 914-330-7222.
Jennifer Maher Broker Incline Real Property Services
Incline Real Property Services 