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Foreclosures 101

These days, it is difficult to turn on the TV or radio without hearing all of the gloom and doom in the real estate market.  The truth is, yes, there are some markets that have had an overwhelming number of foreclosures and short sales that have contributed to the massive decline in home values.  For the most part, those markets are the ones that were overinflated in the first place.  If you have huge spikes in home prices too quickly, it is just a matter of time before the bottom falls out.  In a market like we have in the Upstate of South Carolina, we have always been more like the tortoise with home values increasing at a more modest pace rather than the hare that sent the home values soaring quickly and then crashing down in other parts of the country.  Even though we have been somewhat immune to the drastic price changes, we do have more foreclosures and short sales than we are used to seeing in our area.  This presents a unique opportunity for the right kind of buyer to get a really good deal on a home that may have been out of reach in years past.

There are many misconceptions surrounding foreclosures. 

Foreclosures can be bought for pennies on the dollar.  While it is rare to find the diamond in the rough that a buyer can pick up for 50% of the value, it is not as uncommon to find a home for 10%-30% below market value. 

Foreclosures are always trashed and need a ton of repairs. If you find one of the homes listed for 50% of the value, then yes, you can probably expect to need a lot of elbow grease.  A little sweat equity may be a good choice for you.  Other foreclosures are out there that look brand new and ready to move right into.  You just have to be a little lucky as to what inventory is available at the time you are looking. 

Foreclosures are just in bad, less desirable areas.  Every foreclosure has its own story.  Some happen because of job loss, medical bills, a death in the family, divorce.  Because these hardships can happen to anyone, there are foreclosures out there from under $10,000 to over $1,000,000.  They are in every market, in every price range.

Want to know how to find out more information on foreclosures and if there is a foreclosure that is right for you?  You need an agent that knows the foreclosure business.  I have been focusing my real estate business on foreclosures since 2005 and have listed and sold an average of 60+ each year since.  I know how to find them, what to look out for, and the process in acquiring a foreclosed property whether it be to live in, rent, or fix it up to sell for profit.  Call or email me today to get a list of foreclosed properties that meet the criteria you are looking for.  Foreclosures are out there and they present a unique opportunity to get a home that may have been out of reach before.  Don’t let this pass you by.

RE/MAX South Carolina | Jamie Burns, RE/MAX Realty Professionals | 600 Independence Blvd., Greenville, SC 29615 | 864-241-8200 | Contact by E-mail