Article Update! One man's downfall is another man's opportunity. Sad, but true! All the foreclosures and evections we’re seeing handed out to those unfortunate folks in the United States who had sub-prime mortgages, for many families and home owners this is nothing less than a living nightmare and the situation is getting worse as we enter into 2008 now that the inner city foreclosures have spread out into the suburbs. There will inevitably be those opportunists who are rubbing their hands with glee at the current situation, but are things as good as they seem for those in a position to capitalize on a devastated housing market?
If you think the best way to go about purchasing a new home is by shopping for those foreclosed homes for sale, then think again. Now don't get me wrong here, there are some real bargains to be had, but quite often you will find many of these places have not been loved and maintained as many houses up for grabs found using the customary channels. In fact, buying foreclosed homes is not for the faint hearted as cheap homes for sale usually, but not always, means you could have some major renovations or decoration facing you.
I've just received an article from a lady that would like to explain here personal experience when she went out to buy foreclosed homes. Here's what she had to say.
My husband and I were house shopping last summer, in the midst of the crazy home sales boom. Some houses were actually selling for more than the sellers were asking. Our budget was very tight and it seemed like we would end up not finding anything that suited us or that we could bid on in time. Our real estate agent hesitantly mentioned looking at some foreclosed homes that had gone up for sale. I never truly understood exactly what foreclosed homes were, but he explained all of that to us. Once I realized that they were homes that people could no longer afford and had not been able to make payments on, I thought that perhaps it wouldn't be a bad idea.
Our agent printed out a long list of local foreclosed homes that he wanted us to look over. The prices amazed me. Was it possible to buy one of those foreclosed homes for half of the cost of getting a new home? It sure seemed that way. We picked out a few that were in locations that interested us and set up some showings. I had never had a clue that there were that many foreclosed homes around my town. It's a sad concept knowing that so many people are in financial trouble.
Anyway, encouraged by the whole idea and excited by the potential savings, we geared ourselves up for a real good home hunting session, and before we even set out we could envisaged living in the type of home that we thought we'd only ever dream about. Our situation on the home front certainly seemed to be looking rosy.
The first on our list of foreclosed homes to see was gorgeous on the outside. I had very high hopes before opening that front door. I didn't even want to take one step inside. The owners had not taken pride in their home and that was more than obvious. We actually left just 5 minutes later. This scenario repeated itself for the next several stops. It had become quite obvious to me by the time we arrived at the sixth one on our list of foreclosed homes, that there may be a reason the owners couldn't pay their bills. It was obvious that they lacked the responsibility trait. They couldn't take care of their homes, and they couldn't pay their bills. You had to wonder at what sort of problems you would be getting if you made the commitment of purchasing one of the many foreclosed homes. Cosmetic issues and concerns can be no problem whatsoever if you are getting the house for an amazing price. Imagine the equity you can build in a very short amount of time with some TLC.
However, I must say, we had no interest in looking at any more foreclosed homes. Perhaps if we were more handy around the house and tackling some repair issues didn't faze us, that would not be a challenge. Eventually, we managed to find a house and put a bid in on it immediately. After moving in and noticing some of the issues that we are now facing, I'm wondering if I should have agreed to look at some additional foreclosed homes after all.
The secret to house hunting is to simply have a specific list of what you want, what you don’t mind, and what you definitely couldn't cope with. There's so much to consider when buying a house that having a check list is imperative. You might think you can remember everything in your head, but I can guarantee there will be something you overlooked if you don’t take a list out with you. It would certainly have made us think a little harder before purchasing out latest dwelling. Be prepared and you won't be disappointed!
Finding Foreclosed Homes!
